almost 20% gold coast properties negative eqty

A recent article in the Sunday mail has outlined that almost 20% of gold coast property is now in negative equity.
And almost 10% in the Brisbane area is in the same boat.
Just over 5% in the Sydney area.

I really do feel sorry for the first home owner, whom is now trapped in this looming disaster akin to the American sub prime debacle. American house prices is still falling by the way.