You should have a look into John Ryders latest newsletter (
http://www.globalnews.co.nz/). He reccons the global economy will come later this year out of stall modus and expects the first green shoots soon. US housing market strong, Australian housing market might still drop (until demand catches up with lots of ex-speculative supply) but he certainly does not predict a crash for the NZ housing market. Interest rates down, continuous demand (more people) and low new house building rates make it unlikely for NZ house prices to follow Australia.