We Are So Lucky in Australia – Our Stable Property Settlement Process Protects Buyers and Sellers Alike

In a recent Times article from the UK, a frustrated homebuyer described losing their dream home just days before completion—after the seller accepted a higher offer. This practice, known as gazumping, is still legal in Britain, and it’s one of many flaws in their outdated property system.

It’s a reminder of how fortunate we are in Australia to have a structured and enforceable property settlement process.

1. Contracts Are Binding Here

In Victoria, once both parties sign the contract and the cooling-off period lapses, the deal is legally binding. Buyers and sellers must follow through, subject only to any agreed conditions such as finance or building reports. There is no legal room for gazumping once the ink is dry.

2. Our Settlement System Is Backed by Law

The Transfer of Land Act 1958 (Vic) and the Sale of Land Act 1962 (Vic) underpin our settlement framework, ensuring orderly transfer of title and compliance with statutory requirements. The contract is not just a handshake—it’s enforceable.

3. We Don’t Have Collapsing Chains

In the UK, deals often rely on multiple other transactions proceeding concurrently, forming fragile “property chains.” If one buyer or seller pulls out, the whole chain collapses. In Australia, each settlement stands alone. Delays may occur, but they are rarely contagious.

4. Gazumping Is Not Tolerated

Once a contract is signed in Australia, the seller cannot sell to someone else—even if a higher offer comes in. If they attempt to do so, they risk being sued for breach of contract. That legal protection simply doesn’t exist in many other jurisdictions.

5. We Have Remedies When Things Go Wrong

Where disputes arise, buyers and sellers can rely on clear enforcement mechanisms—including VCAT, civil proceedings, or specific statutory remedies. There's structure, precedent, and resolution available. That certainty is gold.

Why It Matters: Confidence Drives Investment

This is precisely why our market is seen globally as a stable and secure environment for investment. Whether it’s institutional capital entering the market through build-to-rent projects or offshore buyers entering through SMSFs or trusts, investors are drawn to Australia because the rules are clear, enforced, and fair.

And in turn, this certainty underpins our higher property prices when compared to many international markets. Buyers—both local and foreign—are willing to pay more when they know that once a deal is done, it stays done.

It’s not just about paperwork. It’s about trust in the system.

At Victorian Property Settlements, we work every day to uphold that certainty for our clients—buyers and sellers alike.

Victorian Property Settlements – Trusted for over 25 years by Victorian buyers and sellers.
Visit: www.victorianpropertysettlements.com.au