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Web Hosting and Cloud Computing Control Panels
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if you change the IP address then it will need to propagate through out the world. The DNS servers around the world hold a cache with your old IP. Until that cache is released your site will not be visible under the new IP.
It can take a few hours before the new IP takes effect.
I thought I can change IP addresses within IP range bound to my server. I didn't change nameservers and as AFAIK propagation matters when you change nameservers.
You do have to change the IP address to which your hostname resolves. When you use Virtualmin's function to change the IP, it will do that automatically for you.
But it indeed does take a while before that change propagates.