I was going to same the same as Olive - the property and mortgage market is completely different in the US.

I think it entirely depends on where you bought/live. Inner affluent suburbs in Melbourne (such as Toorak etc...) have seen a massive drop in prices to sell, whereas out this way houses are barely on the market and sell ASAP. A house around the corner from us had been previously bought approx. 2years ago and was on the market for months, it sold last month within 2 weeks of being on the market.... A general thought is that ppty prices will overall hold and there will be no crash (that is in Victoria anyway)