fragrancy vs olfactory property

fragrancy and olfactory property both are nouns.

Word	Noun	Adjective	Verb	Adverb
fragrancy	Yes	No	No	No
olfactory property	Yes	No	No	No

As nouns, olfactory property is a hypernym of fragrancy; that is, olfactory property is a word with a broader meaning than fragrancy:

Other hypernyms of fragrancy include aroma, odor, odour, scent, smell.

fragrancy (noun)	olfactory property (noun)
a pleasingly sweet olfactory property	any property detected by the olfactory system