Question for the Australians

I saw this on a comment thread in reddit, about a potential housing bubble. Can anyone confirm, expand or deny?

Quote:

Australia has a housing bubble that would put the 2008 sub-prime crisis to shame. We have a tax policy known as 'negative gearing', where any loss a landlord has on a property can be deducted from income. This encourages people to mortgage 5, 10, 20 properties, even with average incomes. The result is millions of people have 'interest only' mortgages, which is a giant house of cards. Incomes haven't gone up, the cities haven't gotten better, the only reason prices have gone up is "well the bank gave my neighbor a loan of a million bucks for an investment property, figured I'd get one too". But that said, doomsayers have been saying the bubble has been going to pop for 10 years now, so ¯_(ツ)_/¯

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