Victoria is the largest SDA market in Australia by enrolled dwellings and by annualised funding committed, anchored by Melbourne’s deep, multi-participant High Physical Support and Robust stock.
Key figures
| Enrolled dwellings | 4,013 |
| Participants in SDA | 5,489 |
| SDA funding committed | $185.3M |
| Active providers | 187 |
Enrolled dwellings by SA4 region
| Region | Enrolled dwellings |
|---|---|
| Melbourne – West | 750 |
| Melbourne – South East | 534 |
| Melbourne – North East | 402 |
| Melbourne – Inner | 302 |
| Geelong | 286 |
Design category breakdown
| Design category | Dwellings | Share |
|---|---|---|
| High Physical Support | 1,829 | 46% |
| Robust | 814 | 20% |
| Improved Liveability | 644 | 16% |
| Fully Accessible | 430 | 11% |
| Basic | 285 | 7% |
Victoria’s combined HPS (46%) and Robust (20%) share of 66% is the highest complexity profile of any state. This reflects institutional SDA development in Melbourne’s inner and middle rings, where participant density and SIL depth made complex-need accommodation commercially viable at scale. Basic (7%) and IL (16%) together represent only 23%, reducing Victoria’s exposure to VFM-driven downgrades relative to NSW and SA. The same HPS concentration carries VFM policy risk if the NDIA tightens HPS eligibility.
Supply and pipeline
Victoria leads nationally on enrolled dwellings (4,013) and annualised SDA funding ($185.3M). With 5,489 active participants, the participant-to-dwelling ratio confirms high effective utilisation. Melbourne’s urban density supports a multi-participant model, particularly for HPS and Robust stock. The Victorian market is not over-supplied; it is efficiently utilised.
SIL depth and asset-level performance
187 active SDA providers make Victoria the second-deepest provider market nationally. Melbourne’s ecosystem is strongest in the inner north, west and south-east corridors, where competing SIL providers compress matching timelines and vacancy periods for established assets. SIL provider quality varies; assets aligned with mid-tier or smaller providers carry meaningful counterparty risk.
Market view
Victoria is the most active state for institutional SDA transactions. Institutional platforms, superannuation-aligned vehicles and specialist disability funds have all completed acquisitions in Victoria. In SDAHC Research’s market observation, cap rates for stabilised HPS portfolios in Melbourne are in the 7.5–8.5% equivalent yield range — competitive with other infrastructure-adjacent asset classes. New enrolments continue and institutional capital appetite remains strong. The primary forward risk is that any VFM methodology change affecting HPS eligibility would disproportionately affect Victoria.
Source: SDAHC Research, SDA Market Report 2026. Figures reflect the most recent available NDIS data as at Q3 2025-26.