I am in Australia and I use up and down for north and south and I agree they are nearly universal. I don't relate over and out to cardinal directions but I do use them in speech.

I use over to refer to towns on the other side of the river from here. You also go over to people's houses. I guess I use out but it has no direction associated with it. It is more related to remoteness from things. You go out to a farm and in to town. Over the river. Down to the city then back up to home.