"There were lots of vendors having to make a quick decision and what we have seen in those numbers is many actually switched to sell by private treaty. So it doesn't necessarily mean they've withdrawn their properties from the market totally."

Of the small portion of online auctions that went ahead, a clearance rate of 41.2 per cent was recorded in Sydney and 64.4 per cent in Melbourne.

Melbourne-based buyer's agent Julie DeBondt-Barker said the attitude of most sellers at the moment was to "get out while they can".

"If they want to sell, they're in a hurry to do that. And if they're just waiting and seeing, they're the ones that by after Easter will just take their properties off the market and sit tight."

Ms DeBondt-Barker said those of her clients that had secure jobs – in the healthcare sector or public service, for example – were still looking to purchase.

"We've had several of our clients that don't have those kinds of jobs, many in entertainment and hospitality and travel, put their agreements with us on hold until who knows when because it's just too risky for them to purchase right now," she added.

Auction market 'basically dying'


She said for those who did have a secure job, it was a good time to buy because there was still stock available and it was being discounted.

DeBondt-Barker expected stock levels to dry up dramatically in the next four weeks.

"When that happens we'll have a stalemate between sellers and buyers and I think it is going to be a quiet winter."

Brisbane-based buyer's agent and investor adviser Pete Wargent said the latest data showed the auction market was "basically dying", adding that the impact of COVID-19 on the residential market would first hit transaction numbers rather than prices.

"But if it rolls into an economic shock over the coming six to 12 months, then rising unemployment and forced selling, obviously, becomes a much bigger issue and then you will see prices dropping as well," Mr Wargent said.

"I've also noticed a couple of portfolio investors certainly discussing listing their properties for sale just to take some risk off. But whether or not they can get a sale in the current environment is another question."

Dr Powell said she expected the residential market to react in a similar fashion to Hong Kong after the SARS outbreak in 2003.

"One of the first things to pull back was the number of transactions, and then eventually that led to price falls. I am anticipating the same thing to happen across Australia," she said.

"But I think if we contain this virus quickly we will see a pretty robust rebound."