Mr Blowes has ridden the highs and lows of property for nearly half a century, but he's never seen anything like the northwards trend in recent years.

"We've never had a bust here in my time, but after every boom there is a bust," he warned.

"I've never seen a boom like this, ever.

"I don't know if Orange will bust, because our real estate has always been steady - this is uncharted territory."

Mr Blowes said he had seen some properties rise in value by 20 percent over a year.

"That's fine, but sooner or later the valuers and the banks will start saying 'no, we won't lend on this, the market is over-inflated'," he said.

"If that happens there will be a major correction."

Predicting the future for the property market in Orange is difficult, as the competing forces include an influx of local and outside investors buying properties to rent out long-term or through Airbnb; people from Sydney and elsewhere with money to burn selling up for a tree change; and high wages for mine workers.

On the flipside, however, is high unemployment and the tapering of federal government COVID stimulus.

"For a long time we had a level market place, and if things are growing at, say, six percent, everyone is happy, but at 20 percent someone will say 'this has got to stop'," said Mr Blowes.

"If the valuers look at a piece of land selling for $350,000 and say it's not worth it, then the bank won't lend you the money'."

One Agency's Ash Brown said that while he agreed with Mr Blowes on the potential for prices to get ahead of valuations, he thought the market would hold.

He said this was in part due to the high demand, but also because low returns on bank deposits and an inflated share market were pushing baby boomers towards property and gold.

"I had a fella ring from Sydney yesterday, he said he'd heard about Orange, never been here, but had heard it was a good place to invest," said Mr Brown.

"He said he was getting out of shares and that he was a cash buyer.

"He asked me to give him half a day to show him some properties and said he would buy something on the day."

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