PHOTO: Boom to Bust – Bloomberg

To some it’s a bloodbath in the making. Others see it as a simple correction. But all agree Australia’s property boom is well and truly over.

Every day there are Melbourne and Sydney property owners who put houses and units up for sale in the hope they can quickly find a buyer and the dream of the new owner offering a high price.

But in a sign of the downturn in both markets, more than 8000 of those who entered the market in March of last year are still waiting.