not sure if you have been to the US, but try buying a house in a major capital city. It costs a mint. When they refer to house prices dropping, they generally refer to those in smaller cities and where there is lots of land. They are not talking about NY, Chicago, LA (inner) etc.
Houses in Australian capital cities that are more than 15km-20km from the CBD and have limited public transport and infrastructure may drop, but inner city properties will be fine.
