McGrath agent Scott Peterson agreed the fear of missing out was prompting buyers to move quickly, a sentiment back by OneAgency's Ash Brown.

Mr Peterson said he initially didn't believe in the FOMO trend but recent sales and the scarcity of property within walking distance of the central business district had changed his mind.

"Definitely," he said, describing the reaction to 43 Clinton Street as an example of buyers moving quickly.

The two-bedroom, one bathroom double-brick cottage on a 367m2 block with a shared drive was pitched between $710,00 to $750,00 but Mr Peterson said he had already fielded offers well above that range and the property was expected to be sold before auction.

Peter Fisher agents Michael Wright and Adam Savage said that while they felt some of the heat was coming out of the market in general, inner city homes were bucking the trend.

Mr Savage said 9 Clinton Street, which is on a 468m corner block, had been snapped up after being on the market for less than a week. The price guide there is $80,000 to $920,000.

"Double brick always attracts strong interest, we can't get enough stock," Mr Savage said.

Mr Wright recently sold homes at 53 March Street, which was another smaller corner block 409m2 and another in Warrendine Street on a bigger 888.9 m2 block. Both cleared within weeks of being listed and both were bought by Orange residents.

"CBD properties are like fine wine, they're just good," Mr Wright said. "It's hard to go wrong. Even if you think you've paid over the odds chances are in a few years' time you'll go wow, I'm glad we did that."

Mr Wright said that while FOMO had affected the market, he felt buyers were being more prudent now COVID-19 lockdowns were a thing of the past.

"That real over exuberance of the market has quietened down," he said explaining now the state had opened up, life was starting to return to normal and real estate was no different.

"I think we'll probably go back to a normal market where it takes four or six weeks or so to sell. I don't think the market will drop, I just think there will be more stock on the market for people to take advantage off."

OneAgency's Ash Brown described the area around the central business district as the "golden rectangle".

"From Peisley street to Woodward Street and National Avenue to Prince Street, [property] is highly sort-after and it moves very quickly."

He said a property at 100 Hill Street on a 563m2 block recently sold for just over its listed price of $1.2 in under three weeks.

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