REAL estate agents have expressed both cautious optimism and concern about the impact the coronavirus pandemic will have on the market and their industry.
While agents were already changing the way they operate, the prime minister announced new restrictions on Tuesday night that directly impact the industry.
Auctions houses were ordered to close, while open homes and public auctions are banned.
Prior to the announcement, Agent Chapman Real Estate's David Chapman had told his vendors that he was noticing a decline in activity.
In his letter, he noted that there had been a 52.3 per cent decline in sales between February 23 and March 23 this year compared to the same period last year.
However, it's not all bleak.
"I am not highlighting this statistic to frighten or alarm homeowners, but rather to emphasise that the local market is experiencing a noticeable decline in the number of property sales," Mr Chapman said.
"... The good news is that there are still active buyers seeking properties to purchase. As I type this summary, I can report that I have four offers accepted and exchanged (awaiting settlement) and another two properties have had offers accepted since Saturday. A third property is at the pointy end of negotiations as well."
Also looking at the future with some positivity is One Agency Bestwick Real Estate's Mitchell Bestwick.
While acknowledging people will be hesitant about purchasing property, he said that at the moment property is the safest investment option for those in a financial position to do so.
"A lot of people are cautious and a lot of media is going to focus on the negative, which will put a little fear and some people will pull back," he said.
"But people who do take a calculated risk, they will likely come out the other side ahead."
Mr Bestwick says his agency will be utilising technology to ensure the community still has access to property.
"I'm still providing a high-level service to anyone in the community who is after honest and realistic feedback," he said.
Bathurst Real Estate principal Michael Whittaker is expecting to see sales drop as Australia deals with the health crisis.
"I think there is going to be an effect and I don't think any of my competitors are going to run out there and tell homeowners that things are normal," he said.
He said it was important for vendors to keep in contact with their agents and be honest about their situation.
"There's no shame in doing it tough, there's no shame in that at all because we are all in the same boat," he said.