Australia added 484,000 people to the national headcount in the 12 months to September 2024.
According to the Australian Bureau of Statistics, West Australia’s population grew by 2.5%, Victoria by 2.1% and Queensland by 2%. 

This increase in population puts increased pressure on housing across all tenures: ownership, rental, and emergency accommodation. And increased demand leads to increased prices. That pressure on prices is resulting in more people looking for affordable options in Australia’s regional markets.
The Regional Australia Institute’s latest Regional Movers Index shows internal migration to regional areas, has cemented itself as a long-term structural trend. It shows a four-fold increase in migration from capital cities to places like Bendigo and Bunbury. 

Bendigo, in particular, is surging off the charts, with a 63% quarterly growth in capital city to regional migration and a four-fold increase year-on-year.  It’s now second only to Bunbury in West Australia as the fastest-growing regional centre.

Why is this important for the property market? Well, when people move, house prices tend to move also. Bunbury is a good example of this. Its median house price jumped 28% in 2024 – the highest growth of any WA regional centre. This shift has profound implications—not just for property values but for rental stress in areas traditionally considered affordable.  Australia’s housing supply continues to lag population growth. 

Migration – both international and domestic – remains a powerful driver of housing demand.
And while big-city markets get the media spotlight, regional areas are where the most intense growth and pressure are now playing out.