Troll ahead - I'm too lazy to track down any info on recourse vs. non-recourse price falls, so I'll just rant.
Some US states are non-recourse. Some are recourse. And it depends on your definition of "recourse" - laws can actually be kind of complicated, so you can't just say "Australia has laws about actually repaying your debts, the rest of world just mails their keys back to the bank."
I'm don't know an awful lot about Australian, Japanese, US, UK, Irish, Greek, Spanish, and Icelandic bankruptcy law (and all the variations within these countries). But I'm willing to guess that Australia is really nothing special.
I did find a list of recourse and non-recourse US states -
http://www.forecloseddreams.com/recourse_states, but I think it probably simplifies things (in order to increase the number of ones categorized as "recourse".
Non-Recourse States
Alaska (AK)
Arizona (AZ)
California (CA)
Connecticut (CT)
Idaho (ID)
Minnesota (MN)
North Carolina (NC)
North Dakota (ND)
Oregon (OR)
Texas (TX)
Utah (UT)
Washington State (WA)
Recourse States
Alabama (AL)
Arkansas (AR)
Colorado (CO)
Delaware (DE)
District of Columbia (DC)
Florida (FL)
Georgia (GA)
Hawaii (HI)
Illinois (IL)
Iowa (IA)
Indiana (IN)
Kansas (KS)
Kentucky (KY)
Louisiana (LA)
Maine (ME)
Maryland (MD)
Massachusetts (MA)
Michigan (MI)
Montana (MT)
Mississippi (MS)
Missouri (MO)
Ohio(OH)
Nebraska (NE)
Nevada (NV)
New Hampshire (NH)
New Jersey (NJ)
New Mexico (NM)
New York (NY)
Oklahoma (OK)
Pennsylvania (PA)
Puerto Rico (PR)
Rhode Island (RI)
South Carolina (SC)
Tennessee (TN)
Vermont (VT)
Virginia (VA)
West Virginia (WV)
Wisconsin (WI)
Wyoming (WY)