PHOTO:  Australia’s residential property

It might seem like Australia’s residential market downturn is never ending. And while we appear to be nearing the bottom of the market, experts don’t want you to get your hopes up.

According to BIS Oxford Economics meaningful recovery for Australia’s residential property market remains a while off.

While there are signs of improvement, continued tightness in lending policy and an elevated level of new dwelling supply will remain a drag on price growth for now.

Report author, Angie Zigomanis from BIS Oxford Economics, says the greatest upside to house prices is expected to emerge in Brisbane, with moderate rises in Canberra and Adelaide.