PHOTO: 52 Alvah Street, St James. Photo: Verse Property Group

Declining prices in many Australian property markets have not made it easier to buy close to city centres, new research by Herron Todd White has revealed.

The recent market dips have failed to open up areas of cities that were previously inaccessible to all but the top-end of buyers, property experts said.

Sydney and Melbourne have had the biggest falls in prices but in the wake of the strongest price growth over the past five years.