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You need to also keep in mind that you can use reports to renegotiate the price during the cooling off period. So all need not necessarily be lost.

If you rescind the contract by exercising your cooling off rights then you forfeit the entire 0.25% deposit.

They do get snapped up within hours or a few days. That is not to say you have no time to conduct your DD. You get a 5 day cooling off period in NSW (once contracts are signed and a 0.25% deposit paid). This is plenty of time to do your DD. :)