Australia’s population grew by 484,000 in the 12 months to September 2024, adding further pressure to the housing market.

According to the Australian Bureau of Statistics, Western Australia’s population increased by 2.5%, Victoria by 2.1%, and Queensland by 2%.

This rapid growth is driving up demand for housing across all sectors—homeownership, rentals, and emergency accommodation.

As demand rises, so do property prices, pushing more Australians to seek affordable housing in regional areas.

The Regional Australia Institute’s latest Regional Movers Index confirms that migration from capital cities to regional centres is now a long-term trend.

The report shows a four-fold increase in movement to locations like Bendigo and Bunbury.

Bendigo, in particular, has seen a 63% quarterly rise in migration and a four-fold increase year-on-year, making it the second-fastest-growing regional centre after Bunbury, WA.

Why does this matter for the property market? Simply put, when people move, property prices follow.

Bunbury is a prime example, with its median house price surging 28% in 2024, the highest growth of any WA regional centre.

This trend has significant implications, not just for property values but also for rental affordability in areas traditionally considered budget-friendly.

Australia’s housing supply continues to fall behind population growth. Both international and domestic migration are major forces shaping housing demand.

While big-city property markets often grab headlines, the most intense price growth and housing pressures are now playing out in regional Australia.