To buy or not to buy?

We didn't think we would be renting for too long after we sold our house. Three months would be enough we thought, but we had to sign a minimum 6-month lease. Since then, the extent of the global credit crisis became known. Suddenly we find ourselves unsure about what to do. Two houses we liked were sold this week, but we can't make up our mind whether to buy or not.

Will Australia go into a ression like some economists predict? Will house price keep going down? Are our jobs secure enough to service the loan? On the other hand, maybe house prices will be steady? Won't it be better to use the money we pay as rent to pay for a house anyway? Is it wise to do nothing and wait for somthing that might not happen at all?

We don't have a crystal ball and we can't predict the future. I guess all we can do now is to enjoy where we are and be patient. What will be will be.