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New data released by the Real Estate Institute of Victoria (REIV) for Q4 2025 reveals the state ended the year on a high, with steady growth expected into 2026. Unit and apartment prices are rising the fastest, reflecting strong buyer demand and outpacing house price growth across the state.
Median unit prices in regional Victoria grew a significant 5% over the quarter, the largest increase since March 2021. Pushing unit prices to a record high, the increase showcases the demand for housing options in more affordable areas.
The average unit and apartment price in metropolitan Melbourne is now $656,500, after a 2% increase in the December quarter. Growth was strongest in the middle-ring (10 – 20km) and the outer-ring (over 20km) areas from central Melbourne. Unit prices in the middle-ring saw the most significant increase since June 2023, rising to a median value of $747,500 – a 2.9% increase. A new record median price of $650,000 was also set in the outer-ring after a 2.5% jump.
Toby Balazs, REIV CEO said:
“Unit and apartment living is no longer a secondary option – it is a core part of Victoria’s housing mix, providing a more affordable entry point into the market” Mr Balazs said.
“With constrained land and housing supply and sustained population growth, medium-density housing is an increasingly sought-after option,
“While it’s encouraging to see confidence returning to the market, addressing the core issue of supply and affordability through effective tax reform and investment incentives, will be essential in sustaining this momentum. These concerns will form a central pillar of the Institute’s agenda this year.”
The REIV reports that 62 metropolitan areas recorded average unit price growth above 10% in the December quarter. Quarterly median unit prices rose to $557,800 in Albion – nearly doubling what was seen in previous quarters. Other high-growth areas seeing increases higher than 50% were Balwyn North, Oakleigh, Seddon, and Murrumbeena.
House growth
While unit growth is taking the lead, house prices in regional Victoria saw a new median price of $643,000. House prices in metropolitan Melbourne rose by 1.8% to $973,000, while outer Melbourne saw significant growth at 3.5%. Unit prices annually across metropolitan Melbourne increased by 2.1% and houses 3.8%.
While unit growth is taking the lead, house prices in regional Victoria saw a new median price of $643,000. House prices in metropolitan Melbourne rose by 1.8% to $973,000, while outer Melbourne saw significant growth at 3.5%. Unit prices annually across metropolitan Melbourne increased by 2.1% and houses 3.8%.
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According to the Real Estate Institute of Western Australia (REIWA), Perth’s median house price saw a 1.2% increase in December alone, reaching a record $840,000. House prices in the western state are continuing their rising trend and are sitting at 12% higher compared to the same time one year ago.
Median unit prices are advancing slightly more than houses, with prices sitting at $590,000 – up 18% from the same time last year.
REIWA President Suzanne Brown said:
“While the rate of growth for the median house sale price is half that seen at the end of 2024, the median unit sale price is at a similar level,” she said.
“Houses have become less affordable and we have seen more buyers look to the unit market, which includes villas, apartments, and home units, as a more affordable entry point to property ownership.
“This increased competition has boosted the rate of price growth.”
REIWA data revealed the suburbs with the highest median house sale price growth in December:
The amount of time units and houses are on the market also dropped to nine days at the end of 2025 – down from 16 days one year prior. According to REIWA, some suburbs even saw properties being sold in as little as three days. The suburbs with the fastest house sales were:
Property sale listings across Perth also fell to 1,881 by the end of December. This was a record low – 35.5 lower than November and 57.2% lower than December 2024.
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Brisbane’s property market has recorded strong momentum in recent years, with forecasts indicating continued growth ahead. According to KPMG’s January 2026 Residential Property Market Outlook report, Brisbane house prices rose by 13.4% in 2025 and are expected to increase by a further 10.9% in 2026, followed by 8.9% in 2027 – representing close to 20% growth over the next two years. Unit prices in Sunshine State capital are also projected to rise, with 7.8% growth forecast for 2026, and an additional 4.9% in 2027.
Perth emerged as the strongest-performing market in the report, recording 16.4% year-on-year house price growth in 2025. Prices are forecast to continue rising by 13% in 2026 and 5% in 2027. Unit prices are expected to follow a similar pattern, increasing by 12% this year and 4% next year.
Darwin has also been identified as a capital city to watch, with house prices rising 14.8% in 2025. Growth is expected to continue in 2026, with forecasts of an 11% increase for houses and 13% for units.
Commenting on findings in an ABC News article, Dr Brendan Rynne, Chief Economist at KPMG noted that: strong growth in the first half of 2025 should have moderated due to affordability constraints.
“But instead, the second half of last year accelerated growth further, especially in already overheated cities Perth and Brisbane, supported by the expanded 5 per cent deposit scheme,” Dr Rynne said.
“Despite the fact there aren’t enough houses being built, buyers in these cities are prepared to pay more than the supply shortage would justify.
“As a result, at the entry level, the market will continue outperforming this year, with more young people seizing the opportunity to break the rent cycle and lock in their first home sooner, intensifying competition at the affordable end and ensuring prices remain firm.”
While Brisbane, Perth and Darwin are forecast to see the strongest growth in 2026, other capital cities are expected to experience more moderate price increases:
Nationally, house prices are forecast to rise by 7.7% and unit prices by 7.1% in 2026, down slightly from 8.6% and 7.3% respectively in 2025. While growth is expected to remain positive, the pace is likely to moderate.