Frequently Asked Questions
Question about selling
Yes. In Victoria, sellers must provide a Section 32, which discloses key details about the property (title, zoning, easements, outgoings, etc.) before a buyer signs the contract.
An auction is a public sale where buyers bid, and the highest bidder wins once the reserve is met. A private sale allows negotiation on price and terms directly between buyer and seller.
Commission is negotiable, but it typically ranges between 1.6%–3.5% of the sale price, plus GST.
Yes. Under Victorian law, sellers must disclose material facts (e.g., flooding history, building defects, past use as a drug lab). Failure to disclose can lead to penalties or contract cancellation.
You receive payment on settlement day, once the buyer has paid the balance of the purchase price and legal transfer is completed.
Most settlements in Victoria are 30–90 days, but this can be negotiated between buyer and seller.
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If the property was your primary residence, you’re generally exempt. If it was an investment property, CGT may apply on profits. Your accountant can advise based on your situation.
Options include online listings (realestate.com.au, Domain), social media ads, professional photography, signboards, brochures, and open inspections.
Yes. They prepare the Section 32, contract of sale, and handle the legal transfer process.
Yes. This means selling without public advertising, often directly to a database of buyers. It offers privacy but may limit competition and final price.
Question about buying
It’s a legal document provided by the seller with details about the property (zoning, rates, restrictions). Buyers must review it before signing the contract.
Conditional offer: Subject to conditions (e.g., finance approval, building inspection).
Unconditional offer: No conditions – once signed, the buyer must proceed.
Yes. In Victoria, buyers usually pay 10% of the purchase price as a deposit, unless negotiated otherwise.
In Victoria, buyers have a 3-business-day cooling-off period for private sales (not auctions). During this time, they can withdraw with a small penalty.
Yes. Stamp duty is a state government tax paid by buyers. The amount depends on the purchase price, property type, and buyer’s circumstances (first-home buyer, investor, etc.).
The buyer pays the balance of the purchase price, the title is transferred, and they receive the keys. Settlement is usually handled electronically via PEXA in Victoria.
Strongly recommended. It identifies structural issues, termite damage, or safety hazards before committing to the purchase.
Pre-approval means the bank has assessed your finances and approved a loan amount in principle. It helps you know your budget before making offers.
Yes, but auctions are unconditional. You must have finance pre-approved because there’s no cooling-off period if you buy at auction.
Additional costs include:
Stamp duty
Legal/conveyancing fees
Building & pest inspections
Loan application & bank fees
Moving costs & utility connections