Actually I need to get clarification on this - so far all I can see is that there is no COOLING OFF PERIOD, but does not say anything about conditions, other than SALE AT AUCTION:
http://www.consumer.vic.gov.au/CA25...erty~&2=10-Buyers+and+Sellers~&3=60-Auctions~
If you purchase a property that has been offered for sale by public auction either at the auction or within 3 clear business days before or after the auction, there is no cooling off period.
At what point is the property sold?
When the auctioneer has reached, what seems the final bid, he will announce, "Going once, twice, three times…SOLD!". There are no further offers accepted after this point, however this is not a legally binding contract until the buyer and seller have signed the contract of sale.
Because this is an auction, the buyer cannot make the contract subject to conditions nor is there a cooling off period.
Cheers,
The Y-man
This is where our respective states differ as there is no cooling off period in WA for private sales or auctions.
Boods