Australia’s housing price falls have seen the nation’s affordability return to 2016 levels.

But despite the well-documented housing price decline of many markets across the nation, Sydney is still Australia’s least affordable market to buy into, followed closely by Melbourne in second place.

Sydney’s dwelling values have recorded a 14.9 per cent decline since peaking, while Melbourne an 11.1 per cent drop.

Taking in suburbs located in urban areas with median house prices between $400,000 and $600,000, research group Select Residential Property identified 15 affordable suburbs in strengthening property markets, with prospects of potential price growth across the next three years.