Australian buying culture is distinctive: in many cities auctions are a primary sale method, with buyer diligence done before the hammer falls rather than after an accepted offer.
Market structure in brief
- Auction vs private treaty: auctions demand pre-approved finance and completed inspections in advance; there is no cooling-off period after an auction bid in most states.
- Variable-rate loans dominate the market's history, with fixed periods available; offset accounts (savings that reduce charged interest) are a common feature.
- Fully metric: area in square meters, prices in AUD.
- State-based transfer duties exist and vary, deliberately not covered here.