Bendigo's population could potentially climb above the 500,000 mark by 2056 according to a new report from the Regional Australia Institute.
The report - titled Regional Population Growth: Are We Ready? - looks at the economic consequences different population scenarios could on metropolitan and regional areas of the country.
A new campaign to promote the opportunities that come with living in regional Australia was recommended as part of the report.
If current settlement patterns continued as usual in Victoria, Bendigo's growth would grow from 110,446 in 2016 to 223,805 in 2056.
Moderately diverting expected growth from metropolitan areas to regional cities would mean Bendigo's population could hit 360,278 in 2056.
A high amount of diversion from metropolitan areas leaves Bendigo with a forecast population of 530,232.
The Regional Australia Institute extrapolated data from the Australian Bureau of Statistic and the Victorian Government to make the forecasts on the regional areas of Greater Geelong, Greater Bendigo, Ballarat, Latrobe City, Shepparton, Warrnambool and Albury-Wodonga.
RAI co-CEO Kim Houghton said current geographic patterns of settlement would see most new arrivals to Victoria settle in in the outer suburbs of Melbourne.
"The new research has shown that many workers living in our outer city suburbs could be financially better off if they moved to regional Australia," Dr Houghton said.
"Many home owners in our state capitals are paying double the mortgage of their regional city counterparts, but have a similar average wage.
"Australia's population is set to grow by up to 19 million by 2056, with the Sydney and Melbourne to hit megacity status in the next few decades. Brisbane and Perth will grow to the size of Sydney and Melbourne today."
Diverting high amounts of Victorian population growth could see Geelong tip over the 1,000,000 population mark by 2056 with 1,120,312 people expected to live in the bayside city.
In total population in the Victorian regional cities listed in the report could go from 710,000 in 2016 to up to 3.4 million people in the dispersed high-growth scenario.
The model suggest high-dispersion of population growth to regional areas could ease property prices and commute distance in Melbourne's outer suburbs while seeing a increase in the average wage for regional areas.
Bendigo and Adelaide Bank director David Matthews said opportunities in regional Australia offered a reason for people to move away from metropolitan areas.
"Regional Australia has so much to offer, be it more affordable housing, a quicker commute to work and a safe welcoming environment to share with your family," he said.
"With an intelligent and sustainable population strategy, Australians, no matter where they live, can continue to enjoy the lifestyle that we're most famous for around the world."
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