While iterative matrix inversion methods excel in computational efficiency, memory optimization, and support for parallel and distributed computing when managing large matrices, their limitations are also evident in multiple-input multiple-output (MIMO) fading channels. These methods encounter challenges related to slow convergence and diminished accuracy, especially in ill-conditioned scenarios, hindering their application in future MIMO networks such as extra-large aperture array. To address these challenges, this paper proposes a novel matrix regularization method termed symmetric rank-$1$ regularization (SR-$1$R). The proposed method functions by augmenting the channel matrix with a symmetric rank-$1$ matrix, with the primary goal of minimizing the condition number of the resultant regularized matrix. This significantly improves the matrix condition, enabling fast and accurate iterative inversion of the regularized matrix. Then, the inverse of the original channel matrix is obtained by applying the Sherman-Morrison transform on the outcome of iterative inversions. Our eigenvalue analysis unveils the best channel condition that can be achieved by an optimized SR-$1$R matrix. Moreover, a power iteration-assisted (PIA) approach is proposed to find the optimum SR-$1$R matrix without need of eigenvalue decomposition. The proposed approach exhibits logarithmic algorithm-depth in parallel computing for MIMO precoding. Finally, computer simulations demonstrate that SR-$1$R has the potential to reduce the required iteration by up to $35\%$ while achieving the performance of regularized zero-forcing.