I have been doing a little reading on the Australian housing market. I haven’t been focusing on Sydney but Brisbane. I would not buy a house right now. From what I can tell, they are getting close to a peak in a very sharp rise in home prices and this credit crunch will help them start to move down. I can’t find the link now but I watched a video of an Aussie talking about a coming 30% correction in the housing market. Be patient for at least a year and see how it shakes out.
If the currency starts to move up you can always move some money into Aussie dollars to lock in the recent big drop.
