PHOTO: PM Scott Morrison announced the new rules last night. Source: Getty Images

Prime Minister Scott Morrison has announced a harsh new crackdown on the real estate industry – but what does it mean for buyers and sellers?

Everyday life in Australia has changed dramatically in the last few days after the Government introduced unprecedented measures in a bid to contain the coronavirus pandemic.

Last night, Prime Minister Scott Morrison revealed a raft of new rules and bans on activities, on top of an initial list released on Sunday night.

Among them were harsh new restrictions on the buying and selling of homes, which will shake up the real estate industry in the tough months to come.

Addressing reporters on Tuesday night, Mr Morrison said auctions and open houses would be banned from midnight Wednesday.

“Real estate auctions and open house inspections … that cannot continue,” the PM said.

Mr Morrison did not make clear how long the ban would be in place.