For first-time buyers trying to get into the property market, falling house prices across the country means it may now be possible to secure a property for under $400,000.

Property prices nationwide have dropped more than in the global financial crisis , with the biggest falls recorded in Sydney and Melbourne, according to new data from the Australian Bureau of Statistics (ABS).

That may not be great news for homeowners, but theoretically it does mean more properties may come within the price range of first-time buyers.

Housing prices have fallen in all capital cities across Australia. (Nine)

Domain's senior research analyst, Nicola Powell, said you can even now buy in a Brisbane waterfront for entry-level price of $330,000.

"Thorneside [is] east of Brisbane's CBD, it's under 20 kilometres from the CBD and it really is an insanely beautiful suburb," Ms Powell told the Today show.

Housing news Australia: Where to buy for under $400k (Nine/Today)

Another option is Taigum, which is a little further north.

"It's popular due to its value but you can pick up a low maintenance established home, which is really primed for that renovation and on a decent block," Ms Powell added.

"Strathpine has had a lot of development, it really has been targeted towards that live-in owner, but what they have produced is affordable housing for those first-time buyers so there's an opportunity there to buy brand new."

In Sydney, buyers will have to fork out a little more than $400k, despite the city recording a drop of 3.7 per cent in the last three months of 2018 - the biggest fall since the ABS started collating housing data in 2003.

Housing news Australia: Where to buy for under $400k (Nine/Today)

"We really do have to head to the Central Coast – Wyong was just under this price point," Powell said.

"We know the Central Coast has been a magnet for first home buyers seeking that Australian dream."

But it means buyers need to compromise with a longer commute to have that desired lifestyle, she said.

"In Sydney we really need to increase that budget slightly by about $50k-$70k [and] you can go towards Macquarie Fields which is in the south-west, or Werrington in the west which offers great value on fairly sizeable blocks."

The prices are more promising in Melbourne, which experienced a 2.4 per cent drop.

"There's this little pocket of affordability out west, the west of Melbourne has been this massive area of development," Ms Powell said.

Housing news Australia: Where to buy for under $400k (Nine/Today)

“Buyers should look at Melton South, Melton and Kurunjang which are "less than $400k and, as the crow flies, less than 40 kilometres from the CBD".

Ms Powell said those areas were popular with first-home buyers and are among the fastest growing areas within Melbourne.

"There is a simple reason for this: Melbourne is able to deliver affordable housing on the city's edge," she said.

"In Sydney you have to go 70 kilometres plus to get affordable housing."

Adelaide offers more than 80 suburbs with an entry level price point below $400k with many under 10 kilometres from the CBD which, Powell said, is "unheard of in some of our capital cities".

Housing news Australia: Where to buy for under $400k (Nine/Today)

"There's this pocket of affordability north of the CBD; Clearview and Kilburn offers access into the home market on a budget and the area itself has been rejuvenated – there's lots of trendy cafes and shops in the area."

Overall Perth had the greatest number of suburbs with housing priced under $400k.

Housing news Australia: Where to buy for under $400k (Nine/Today)

"It's been challenging conditions in Perth but this really is welcome news for first-home buyers as we've seen that affordability improve," Powell said.