Cooling-Off Periods State by State for Australian Buyers

The cooling-off period is a short window after a property contract is signed during which the buyer can withdraw, usually with only a small forfeit. The rules are set state by state and they are not consistent across Australia.

This article gives the cooling-off period for each state and territory in a single comparison table, then walks through the detail for each jurisdiction. Use this as the starting point and confirm the specifics with a conveyancer or solicitor licensed in the relevant state before signing.

Cooling-Off Periods at a Glance

State or Territory	Standard Cooling-Off Period	Applies To	Termination Forfeit
NSW	5 business days	Private treaty residential	0.25% of purchase price
VIC	3 business days	Private treaty residential	$100 or 0.2% of price (whichever is greater)
QLD	5 business days	Most residential contracts	0.25% of purchase price
WA	None (no statutory cooling-off)	N/A	N/A. Negotiate in contract if required
SA	2 clear business days	Residential land, after buyer receives Form 1	No forfeit. Deposit refundable
TAS	None (no statutory cooling-off)	N/A	N/A. Negotiate in contract if required
ACT	5 business days	Residential	0.25% of purchase price
NT	None (no statutory cooling-off)	N/A	N/A. Negotiate in contract if required

Cooling-off does not apply to auction purchases in any state. A property bought at auction is generally unconditional and there is no statutory withdrawal right. Some states (e.g. Victoria) also exclude property sold within 3 clear business days before or after the auction.

How a Cooling-Off Period Works

The cooling-off period starts when the contract is signed or exchanged. The clock counts business days, not calendar days. Saturdays, Sundays and public holidays do not count.

To withdraw during cooling-off, the buyer (or their conveyancer or solicitor) serves a written notice on the seller or seller's agent within the period. The notice must comply with the form prescribed by the relevant state legislation. An informal email or phone call is not sufficient in most states.

If notice is served correctly, the contract is terminated. The buyer pays the statutory forfeit (where applicable), the rest of the deposit is refunded and both parties walk away.

NSW Cooling-Off Period

The NSW cooling-off period is 5 business days for private-treaty residential property purchases. The clock starts when the contract is exchanged.

If the buyer rescinds during the cooling-off period, the seller is entitled to retain 0.25% of the purchase price (capped at the amount of any deposit paid). On a $1M purchase that is $2,500.

Cooling-off does not apply to:

• Property sold at auction
• Property sold under the same contract on the same day as a passed-in auction (i.e. property the buyer registered to bid on)
• Commercial or industrial property
• Rural property over 2.5 hectares (in some cases)

NSW allows the buyer to waive or shorten the cooling-off period by serving a Section 66W certificate, signed by the buyer's conveyancer or solicitor. Sellers commonly request a Section 66W certificate as a condition of accepting an offer in a competitive market.

The NSW cooling-off period is set by the Conveyancing Act 1919 (NSW).

VIC Cooling-Off Period

The Victorian cooling-off period is 3 business days for private-treaty residential and small rural property purchases. The clock starts when the buyer signs the contract.

If the buyer rescinds, the seller is entitled to keep the greater of $100 or 0.2% of the purchase price. On a $1M purchase that is $2,000.

Cooling-off does not apply to:

• Property sold at auction
• Property sold within 3 clear business days before or after a publicly advertised auction
• Property sold to a corporate body or someone purchasing for business use
• Property sold to a buyer who has previously signed a contract for the same property
• Rural property over 20 hectares used principally for farming

The VIC cooling-off rules are set by Section 31 of the Sale of Land Act 1962 (VIC).

QLD Cooling-Off Period

The Queensland cooling-off period is 5 business days for most residential contracts. The clock starts when the buyer receives a copy of the signed contract.

If the buyer terminates, the seller can retain a termination penalty of 0.25% of the purchase price. On a $1M purchase that is $2,500.

Cooling-off does not apply to:

• Property sold at auction
• Property sold within 2 clear business days after a publicly advertised auction where the buyer was a registered bidder
• Contracts where the buyer is a publicly listed corporation, a registered charity or certain other excluded parties
• Some commercial and industrial contracts

QLD contracts must contain a warning statement on the front page about the cooling-off period. Failure to include the warning gives the buyer an extended termination right.

The Queensland cooling-off rules are set by the Property Occupations Act 2014 (QLD).

WA Cooling-Off Period

Western Australia has no statutory cooling-off period for residential property contracts. This applies to both private-treaty and auction purchases.

Buyers can negotiate a cooling-off clause into the contract as a special condition, but this is not standard practice. Most WA contracts use the Joint Form of General Conditions and a special condition (commonly called a "subject to" clause) for finance or inspection contingencies serves a similar protective function.

The practical implication for WA buyers is that pre-signing due diligence matters more than in eastern states. Engage the conveyancer (called a settlement agent in WA) before signing the Offer and Acceptance form, not after.

WA conveyancing is regulated by the Settlement Agents Act 1981 (WA).

SA Cooling-Off Period

The South Australian cooling-off period is 2 clear business days for residential land purchases. The period starts the day after the buyer receives the Form 1 Vendor Disclosure Statement.

The Form 1 must be served by the seller at least 10 clear days before settlement. In practice it is usually provided before or at contract signing. The cooling-off period runs from the day after Form 1 service, not from contract signing.

If the buyer rescinds during the cooling-off period, there is no statutory forfeit. The full deposit is refundable.

Cooling-off does not apply to:

• Property sold at auction
• Property sold to a corporation that meets prescribed criteria
• Contracts where the buyer has waived cooling-off in writing

The SA cooling-off rules are set by the Land and Business (Sale and Conveyancing) Act 1994 (SA).

TAS Cooling-Off Period

Tasmania has no statutory cooling-off period for residential property contracts. This applies to both private-treaty and auction purchases.

Buyers can negotiate a cooling-off clause into the contract as a special condition. This is sometimes done in private-treaty transactions where the buyer has not yet completed inspections or finance approval, but the seller is under no obligation to agree.

The practical implication for Tasmanian buyers is that all due diligence (building, pest, conveyancing review, finance) should be substantially complete before signing. Conveyancing in Tasmania must be performed by a legal practitioner (not a non-lawyer conveyancer), so engaging a solicitor early is the standard approach.

ACT Cooling-Off Period

The ACT cooling-off period is 5 business days for residential property purchases. The clock starts when the contract is exchanged.

If the buyer rescinds, the seller is entitled to retain 0.25% of the purchase price. On a $1M purchase that is $2,500.

Cooling-off does not apply to:

• Property sold at auction
• Property sold within 3 clear business days before or after a publicly advertised auction where the buyer was a registered bidder
• Contracts where the buyer has waived the cooling-off period (by certificate)

ACT contracts must include a prescribed documents bundle (Crown lease, building and compliance certificates, building energy efficiency rating, asbestos advice, energy efficiency rating and similar) at the time of signing. An incomplete bundle gives the buyer an extended rescission right.

The ACT cooling-off rules are set by the Civil Law (Sale of Residential Property) Act 2003 (ACT).

NT Cooling-Off Period

The Northern Territory has no statutory cooling-off period for residential property contracts.

Buyers can negotiate a cooling-off clause into the contract as a special condition. As in WA and TAS, this is not standard practice, so pre-signing due diligence is essential.

NT conveyancers and solicitors typically advise buyers to make any required inspections, valuations and finance approvals conditions precedent in the contract rather than relying on cooling-off.

What Cooling-Off Does Not Do

Three common misunderstandings worth correcting.

Cooling-off does not give the buyer free time to "think it over". Buyers who use cooling-off to keep shopping while one contract sits live are exposed to losing the forfeit if a better property turns up.

Cooling-off does not extend if the buyer is awaiting inspection results, finance approval or family decisions. The period is fixed and starts from contract signing or, in SA, from Form 1 service.

Cooling-off does not apply at auction. Buyers who plan to bid at auction need to complete all due diligence before auction day. An auction win is generally unconditional.

How to Waive Cooling-Off

In a competitive market, sellers may require the buyer to waive cooling-off as a condition of accepting an offer. Waiver is done through a state-specific mechanism:

• NSW: Section 66W certificate signed by the buyer's conveyancer or solicitor.
• VIC: signed waiver in the prescribed form. The buyer must take legal advice before waiving.
• QLD: an "express waiver" can be signed by the buyer or their lawyer.
• ACT: waiver certificate signed by the buyer's conveyancer or solicitor.

Waiving cooling-off is a significant step. Buyers should not waive without first completing finance approval (at least conditional), building and pest inspection and conveyancing review of the contract.

Frequently Asked Questions

What is a cooling-off period in property

A cooling-off period is a short window after a property contract is signed during which the buyer can withdraw with only a small statutory forfeit (or no forfeit in SA). The period is set state by state and ranges from 2 to 5 business days where it applies. Three states (WA, TAS, NT) have no statutory cooling-off period.

Does cooling-off apply to auction purchases

No. Cooling-off does not apply to property sold at auction in any Australian state. In several states it also does not apply to property sold within a few days before or after a publicly advertised auction where the buyer was a registered bidder.

Can I extend the cooling-off period

The statutory period cannot be extended unilaterally by the buyer. The buyer and seller can agree (in writing, as a contract amendment) to extend the period. In practice, sellers rarely agree to extension because it increases their risk.

How much do I lose if I use cooling-off

The forfeit varies by state. NSW, QLD and ACT use 0.25% of the purchase price. VIC uses $100 or 0.2% (whichever is greater). SA has no statutory forfeit. WA, TAS and NT have no statutory cooling-off so the question does not arise.

Can the seller withdraw during cooling-off

No. Cooling-off is a one-way right held by the buyer. Once contracts are signed, the seller is bound subject to any conditions precedent in the contract. The seller cannot accept a better offer and walk away during the cooling-off period.

Related Resources

• Conveyancing in Australia. What Happens Between Contract and Settlement
• How to Buy Property in New South Wales
• How to Buy Property in Victoria
• How to Buy Property in Queensland
• How to Buy Property in Western Australia
• How to Buy Property in South Australia
• How to Buy Property in Tasmania
• How to Buy Property in the Australian Capital Territory
• How to Buy Property in the Northern Territory

About AgentBridge

AgentBridge is a property distribution business that connects sellers and developers with a national network of more than 80 buyers agents across every Australian state and territory. Buyers agents on the panel work within each state's cooling-off and contract rules as standard practice.

Last reviewed: 22 May 2026.