Home-owners looking to cash in on Australia's property boom should move quickly because a leading American bank says we won't see the like of it for at least another 10 years.

According to Fairfax Media the Bank of America Merrill Lynch has issued a warning to clients that 'a period of weaker price growth or outright modest declines is likely to become entrenched over coming years'.

It also stated that the next price jump could be a decade away.

'We'd expect that such a period could severely test Australians' long love affair with property investment,' the report stated.

A new note by Bank of America Merrill Lynch to clients warned Australia's next property boom may not be for another 10 years

Reserve Bank Governor Glenn Stevens recently spoke about the downturn in house prices being 'helpful'

'We'd expect that such a period could severely test Australians' long love affair with property investment,' the Merrill Lynch report stated

Reserve Bank Governor Glenn Stevens recently referred to the 'moderation' in housing prices as 'helpful'.

Fairfax reports that Merrill Lynch is also casting doubt negatively gears properties, suggesting investors may be having second thoughts with the slowdown.

The Merrill Lynch concern on over-supply in the apartment sector follows a recent report by the The Australian Population Research Institute which warned a 'glut of of high rise apartments is looming'.

'There has been a huge increase in housing investment in Sydney and Melbourne but most of it has been in existing detached houses,' wrote Bob Birrell and David McCloskey.

'The result has been a speculative bubble in such housing that has made the housing crisis even worse.

'To the extent that there has been an increase in new dwellings it has predominantly been in the form of small high rise apartments.

'The outcome is that the shortage of affordable family friendly housing in Sydney and Melbourne has deepened.

'Much of the younger generation of aspiring home owners is destined for rental bondage as they are displaced by investors.'

The note by Merrill Lynch to clients mirrored the findings of CoreLogic RP Data which stated after the first quarter of 2016 that ''the annual pace of home value appreciation across Australia’s capital cities highlights the slowing growth trend'

American experts at Bank of America Merrill Lynch has issued a warning against Australia's booming house prices saying the current spike will not be repeated for at least 10 years

During March, capital city dwelling values recorded a small increase, up just 0.2 per cent, according to CoreLogic RP Data.

Home values were 1.6 per cent higher in the first quarter of 2016.

Perth and Brisbane recorded negative results, falling 0.9% and 0.1% over three months.

CoreLogic RP Data Head of Research Tim Lawless said the modest March quarter rise in dwelling values is in stark contrast to the first quarter of 2015 when values increased by 3 per cent, almost double the current pace.

'The housing market has shown a modest rebound in growth which is well below the strong capital gains recorded over the first half of 2015,' he said.

'The annual pace of home value appreciation across Australia’s capital cities highlights the slowing growth trend.'

The change in the Sydney market has been the most pronounced, with value growth more than half of what is was in July last year, falling to 7.4 per cent per annum from a high of 18.4 per cent.

He said the Melbourne market was more resilient with values slipping below the 10 per cent mark for the first time since May last year,