Buying Property in Australia: A Comprehensive Guide
The Australian property market is among the most expensive in the world, particularly in Sydney and Melbourne. The buying process varies by state but generally involves making an offer (or bidding at auction, which is very common in major cities). Once a contract is signed, buyers in most states have a cooling-off period of 2-5 business days (except for auction purchases, which are unconditional). Stamp duty is the largest acquisition cost, calculated by each state and territory with rates typically ranging from 3% to 5.5% of the property value. First home buyers may qualify for stamp duty concessions or exemptions as well as the First Home Owner Grant (FHOG), which provides up to 10,000-30,000 AUD depending on the state. Other costs include conveyancing fees (1,000-3,000 AUD), building and pest inspections (500-1,000 AUD), and loan application fees.