Pick a state or territory to see its statutory cooling-off period, the key conditions and exceptions, and a short note on the auction and vendor-bid rules that apply there.
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A cooling-off period gives a buyer a short window after signing a private-treaty contract to change their mind and rescind without completing the purchase. A financial penalty — typically a small percentage of the purchase price — applies if the buyer withdraws. The cooling-off right is set by statute and its length, penalty amount and scope of application all vary by state and territory.
One consistent rule applies nationally: there is no cooling-off period on a property purchased at auction. Once the hammer falls, the contract is binding on both parties. This is true in every state and territory, regardless of any other cooling-off provisions that may apply to private-treaty sales in that jurisdiction.
Sale method also matters for private treaty. In most states, the cooling-off period does not apply when a property is sold by private treaty within a defined window before or after a publicly advertised auction — the specific window differs by state. Where a buyer wishes to waive their cooling-off right in a private treaty, they generally need to do so formally (for example, through a solicitor-signed certificate in NSW). Buyers should always obtain independent legal advice before waiving cooling-off. For a detailed state-by-state breakdown, see the cooling-off periods guide.
A cooling-off period gives a buyer a short window after signing a private-treaty contract to rescind without having to complete the purchase. A small penalty usually applies on withdrawal. It is a statutory right in most Australian states and territories, though the length and conditions differ.
No. In every Australian state and territory, a buyer who purchases at auction has no statutory cooling-off right. The contract is binding as soon as the hammer falls. This applies even where negotiations continued after the auction concluded.
Waiving cooling-off means the buyer voluntarily gives up the statutory right to withdraw. In NSW, this is done by the buyer's conveyancer or solicitor serving a Section 66W certificate on the vendor before or at exchange. Other states have their own procedures. Buyers should obtain independent legal advice before waiving cooling-off.
No. The length of the period, the penalty on withdrawal and the situations where it does not apply all differ by state and territory. Some jurisdictions have no statutory cooling-off at all. Use the lookup above to see the rules for your state.
General information from AgentBridge, a property distribution business. It is not financial, legal or property advice. Confirm current cooling-off rules with your solicitor or conveyancer before signing or bidding.