Aren’t these exciting times? If we can’t reinvent ourselves in this market I’ll bet we go back to sweeping floors. I just have to share with you that our office closed 38 transactions in September of 07 and 42 in September of 08, with fewer agents. We had 2 listings in the end of September that had 4 offers on each.
My loan officer is still supporting buyers moving into new properties.
Who can predict where this global turmoil is going to lead? I’d think that the Asian meltdown in 1997 might give a little insight. What was the effect then in Sydney over the next few years? The west coast of the US (Seattle) is certainly affected by the Asian markets; I’ll take a look at our own data from that time period.
The link that I've included allows you to search most of Washington and Oregon States for property.

First and foremost, we are in relatively uncharted waters with this financial crisis and the potential bailout. We are not even sure exactly how it will be structured yet. However, that being said, right now with no "rescue" people here in the US are beginning to feel the pinch of less available credit at higher interest rates, which will likely further dampen the real estate market with no changes in policy.

Australian markets will feel some effects as would the US with market challenges in your area. The world economy is truly intertwined. However, your area will be further from the tide of change and see ripples by comparison.

I will be curious about other answers. We will live and learn.