I am confused as to which is the correct way of saying
I am migrating to Australia
I am immigrating to Australia
Which one is appropriate?
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To answer your question, both forms are correct.
migrate 2. (Of a person) move to a new area or country in order to find work or better living conditions: e.g: Many villages in the regency are devoid of young people as they have all migrated to Medan, Jakarta, Surabaya and other urban areas due to a lack of jobs at home.
To migrate is to move to a different location. If you migrate to a new city in your country of birth or residence, or move to a new country you will probably spend some time living in that place, in theory you could at any time migrate back home. This term is often used for animals (usually birds) that change their habitat according to the change in season.
emigrate Leave one’s own country in order to settle permanently in another:
e.g: First, skilled workers are legally emigrating, temporarily or permanently, to rich countries.
To emigrate means to leave your country of origin for a different one. You don't normally say emigrate if you are leaving your village/town/city for a different city in your homeland. You usually emigrate to a different country. Once you have settled in your new home, you will probably be referred to as an immigrant.
immigrate chiefly North American. Come to live permanently in a foreign country: e.g:
Following this money, more than 1 million Taiwanese have immigrated to China to live and work.
To immigrate means to come to a new country. The emphasis is on the destination, an immigrant is a person who lives in a different country from his birthplace or homeland.
Sources: Oxford Dictionaries and Vocabulary.com
Both are correct However, they both mean different things
If you migrate to Australia, you are travelling to Australia to find better conditions than were you currently are located, usually on a temporary basis, with view to move back later.
If you immigrate to Australia, you are coming to settle here permanently/indefinately