The group's latest form of propaganda is focused on inciting so-called "lone wolf," or individual, attacks.
But counter-terrorism experts say it is a sign of desperation and weakness.
So far published in seven languages, including English, the first issue of the IS magazine Rumiyah, meaning Rome, has targeted iconic and heavily multicultural Australian locations.
The Melbourne and Sydney suburbs of Brunswick, Broadmeadows, Bankstown and Bondi are named, as well as the Melbourne Cricket Ground and Sydney's Opera House.
IS has called for its followers to violently kill people at those venues or even in someone's backyard.
It is the latest occasion where a group has singled out Australia for an attack.
However, Australian National University counter-terrorism expert Clarke Jones says he does not believe it is cause for new concern.
"Oh, not at all. I think we've seen that repeatedly happen over the last couple of years, and we certainly got robust policing and security arrangements to deter any types of attacks on that sort of target. So, I don't think it raises any concern. It's interesting they're doing that, and whether they're trying to reach out to some sort of support base in Australia, but Daesh, or Islamic State, doesn't have any very strong, solid networks in Australia, so it's not any real concern."
Australia has been one of the key members of a United States-led bombing coalition targeting I-S in Syria and Iraq.
Last month, a report from a US homeland-security committee ranked Australia as the third-top target of IS among Western countries.
Middle East affairs and international-relations expert Anthony Billingsley, from the University of New South Wales, says the country's role in the Middle East is the reason.
He says that is why Australia has been singled out in the magazine.
"Look, I think there's a number of things. One is that Islamic State did not start targeting areas outside the Iraq, Syria and, well, Saudi Arabia, I suppose, area until we started attacking them. So there is an extent to which they're responding, and they're targeting those who are involved in action against Islamic State. There's also the issue that they've been going through a pretty difficult time of late. They've been losing ground all over the place. So I think there's also an element that they're trying to demonstrate that they can strike anywhere still."
Dr Jones suggests, after losing key strongholds such as Jarablus and Manbij in Syria, and the pending fall of Mosul in Iraq, IS, also known as Daesh, is getting desperate.
He says its focus on its highly successful online and social-media strategy has now increased.
"Daesh is certainly in a state of desperation, and that would sort of indicate that there's been some sort of significant success against them in Syria and Iraq. And then sort of reaching out to any existing support bases around the world is an indication of their struggle."
Dr Billingsley says he believes, in an attempt to show its strength, IS is focused on stirring fighters overseas into action.
"There will be people who will respond to this, for whatever reason, and it's probably very difficult for the security service, the police, et cetera, to keep tabs on the so-called lone wolves. If you remember the terrible bombings in Paris quite some time ago, people started saying then, 'This is a sign that Islamic State is lashing out as a sign of desperation.' But it's also, I think, perhaps an attempt to just try to suck the West in because they're no longer able to deliver."
Australia has steadily increased its military role against IS.
Last week, the Government announced it would overhaul domestic laws to allow the military to target more fighters without the risk of air crews being prosecuted for crimes.
But Dr Billingsley suggests the best way to defeat I-S and its influence -- in Syria and elsewhere -- is if Australia works harder at finding a diplomatic solution in Syria.
And Dr Jones says the most effective strategy to reduce the risk of people being lured in Australia is through greater community engagement with at-risk youths.
"In terms of long-term strategies, I think the Government can be doing a lot more. And I think a lot of the strategies they've got at the moment ... when I say, 'counter-productive,' (they) can contribute to alienation and marginalisation. And this is where we're getting young kids more vulnerable to violent extremism. I think where the efforts need to be made is a lot more through sort of serious community engagement and working for solutions with the community, rather than telling the community what they need to do."
