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Buyer guide · Australia

Buying property in Australia, step by step

Auctions or private sale, price guides, contracts and settlement — plus the rules for foreign buyers.

CurrencyA$ AUDDefault unitm² (land), squares (homes)RegulatorState fair-trading bodiesTypical deposit10% on exchange

How buying works

  1. 1Get pre-approvalKnow your borrowing power and whether you’ll pay lenders mortgage insurance.
  2. 2Inspect and compareUse price guides and recent sales; in Victoria, read the Property Price Statement.
  3. 3Review the contractA conveyancer checks the contract and vendor statement (Section 32 in VIC).
  4. 4Buy at auction or by private treatyAuctions are unconditional with no cooling-off; private sales usually have one.
  5. 5Exchange and pay depositCommonly 10%, held in trust.
  6. 6SettleTypically 30–90 days later; pay stamp duty and take the keys.

Costs to budget for

Stamp duty (transfer duty)Set by each state and territoryVaries by state
First-home buyer concessionsDuty reductions or exemptions under thresholdsCheck eligibility
Conveyancing / legalContract review and settlementA$[X]
Building & pest inspectionBefore auction or within cooling-offA$[X]
Lenders mortgage insuranceUsually if deposit is under 20%Varies
Foreign purchaser surchargeExtra duty for foreign persons in most statesVaries by state
Calculate for a property

Who can buy

AllowedCitizens & permanent residentsAny residential property.
With FIRB approvalForeign persons — new dwellingsNew homes and vacant land for development, with FIRB approval and fees.
PausedForeign persons — established homesBanned from 1 April 2025 to 31 March 2027, with limited exceptions.

Documents to check

  • Contract of sale — and special conditions
  • Vendor statement — Section 32 (VIC) / equivalent
  • Property Price Statement — VIC, from 1 Oct 2026
  • Strata / owners corp. report — for units and townhouses
  • Building & pest report
  • Zoning & planning certificates

Terms you’ll see on listings

Price guide
The agent’s estimate; must not be below the vendor’s asking or the agent’s estimate.
Private treaty
Negotiated sale with a listed price or range.
Cooling-off
Short period after signing a private sale to withdraw (not at auction).
Settlement
The day ownership and funds change hands.
Squares
100 sq ft — used by builders for floor area.
Under offer
An offer has been accepted but the sale isn’t final.

Recent rule changes

1 Oct 2026Victoria: Property Price StatementThe Statement of Information is replaced by the Property Price Statement, with new reserve-price rules for auctions.
1 Apr 2025Foreign buyer ban on established homesForeign persons generally can’t buy established dwellings until 31 March 2027.

General information, not legal, tax or financial advice. Rules change — confirm with a qualified professional. Last reviewed [DATE].