what would happen if negative gearing was take

What would happen if negative gearing was taken away?

Most countries in the world don't have negative gearing and I was thinking that is probably the main reason why the Australian property market has been soaring for the past 20 years.

If it were taken away how much value would be subtracted from house prices? Surely you would see a flood of property being sold and at the same time a big decrease in the number of buyers? Why don't more countries have negative gearing?

PS I am not an anti-property buyer, I remember I asked a simple question here around 2 years ago and I was attacked for being a "down ramper". It was as if it was a shonky stock and I was trying to convince people to sell their homes or something :) I expected people on the property thread to be way less sensative than on the stocks threads but they were worse.... wierd... :=)

Cheers,