From Property Talk Community Wiki

Cooling-off Period

The legal entitlement of a property purchaser to withdraw from a contract by giving written notice within a set period of business days after signing the contract of sale or contract note. However, there are some circumstances where the cooling-off period does not apply. For example, if the property is purchased at an auction or the purchaser after seeking legal advice, signs an unconditional contract. When a purchaser pulls out of the contract there is a small consideration to the vendor. Your solicitor or agent will advise you what it is in your city.