Melbourne continues to lag behind the rest of Australia's property markets.

According to a new study from the Australian Property Institute, the commercial, industrial, and residential real estate markets in most Australian major cities will not begin to recover until 2014. Melbourne, in particular, is also waiting for home prices to plummet. qatar villa

According to the Institute's survey, Australian Property Directions, listings at brokerages and auction houses are down as prospective sellers wait for a price recovery before putting their homes on the market.

According to The Telegraph, Justine Jacono, president of the Australian Property Institute, residential price declines are projected to be replicated in the commercial and industrial sectors.

Sydney's Com.AU

"Melbourne hasn't hit the bottom of the cycle yet," Jacono explained. "...respondents see residential property going further along the upswing in two years, with Melbourne lagging behind Sydney and Brisbane," says the study.

According to The Telegraph, the Real Estate Institute of Victoria (REIV) gave a ray of hope for home sellers, claiming that the bottom of the cycle has already been reached in Victoria.

"While we won't know for sure if the current cycle's bottom has been hit before it happens, REIV research shows that we've been at the bottom of the residential cycle in terms of prices and demand for the entire year," says REIV spokesman Robert Larocca.

"Levels of consumer trust will be the primary determinant of when we rise from this position, and when that rises on a sustained basis, we will expect a market upswing," Larocca said.

The number of homes on the market is still limited, according to The Telegraph, as "real estate agents need to call for vendors to reach the market if they want to sell."

According to the Institute's survey, Sydney residential properties are on the rise across the country, while Brisbane has reached bottom of the market and is expected to start ticking upwards again in the next 12 months.

"Commercial, manufacturing, retail, and residential property in Sydney, Brisbane, and Melbourne are currently stuck at or near the bottom of the property cycle, but are expected to progress steadily over the next two years," Jacono said.

As policymakers in many markets across the world reduce home-buyer incentives, survey respondents have placed a greater emphasis on the role of bonuses in boosting the housing sector.

According to The Telegraph, "when asked to comment on the value of government incentives for the residential property development industry, a greater percentage of respondents (93%) classified them as moderately to extremely important compared to 86 percent six months ago."