Buyers are diving into Australia’s property rebound – but rushed decisions and skipped contract checks are exposing costly risks.
Australian property prices are rising at the fastest pace in more than two years, as homebuyers and investors flood back into the market with renewed urgency.
According to property analytics firm Cotality, national home values surged by 1.1 per cent in October – the strongest monthly gain since June 2023.
The rebound is being fuelled by a combination of factors, including the expanded First Home Guarantee scheme and February’s interest rate cut, which has pushed annual growth to 6.1 per cent.
The First Home Guarantee allows eligible buyers to purchase a property with as little as a five per cent deposit, without paying lenders mortgage insurance.
This has opened the door for thousands of first-time buyers, intensifying competition in the sub-$800,000 price bracket and driving up prices in traditionally affordable suburbs.
But the sharp uptick in activity is creating a new set of risks, according to one of the nation’s leading conveyancing firms, with many properties going under contract before the first open homes, buyers are rushing to submit offers – often without reviewing the sales contract.
Lawlab Managing Director Ian Perkins said the speed of the market is compromising buyer due diligence.
“Fear of missing out is driving bad decision-making by both homebuyers and investors,” Mr Perkins said.
“Far too many are submitting offers or bidding at auction without reviewing contract terms and conditions.”
He said that skipping contract reviews can expose buyers to unexpected risks, including special conditions, settlement deadlines, and financial penalties.
“In fast-moving markets like we have at present, time is clearly of the essence,” he said.
“But that should never negate the need for buyers to understand what they’re signing.”
One of the key barriers to timely contract review has been the traditional contract review process, which can take several days.
Buyers attending open homes on weekends often have to wait until Monday to engage a conveyancer, and by the time a report is returned, the property may already be under offer.
This urgency is reshaping buyer behaviour, with many prioritising speed over scrutiny. As competition intensifies, the ability to access legal insights instantly is becoming a critical advantage – especially for buyers navigating auctions or private treaty negotiations under pressure.
To address this gap, Lawlab developed BuySecure – Australia’s first AI-driven real estate contract review platform backed by legal experts and available 24/7.
“Buyers simply upload the contract to the platform, anytime of the day or night,” Mr Perkins said.
“Within minutes, they receive a report in easy-to-understand language, which gives them the safety and security they need to decide whether to proceed.”
BuySecure uses advanced legal intelligence to simplify complex real estate contracts, extracting key information such as transaction terms, property information and special conditions. The platform is designed to empower buyers to make swift, informed decisions without sacrificing due diligence.
“Unlike other AI tools that offer broad, generic responses, BuySecure is specialised and meticulously developed by leading legal experts across Australia,” Mr Perkins said.
“This focus allows the platform to deliver precise, context-specific insights for property contract analysis.”
The platform is also tailored to align with Australian regulations and industry best practices, ensuring privacy and data protection. With decades of conveyancing experience embedded into its design, BuySecure offers expert-level insights at the click of a button.
Mr Perkins said the platform underwent rigorous testing across all Australian states and territories to ensure compliance with local legislation.
“As Australia’s first AI-powered real estate contract review platform, BuySecure has rapidly emerged as the market leader in digital conveyancing innovation,” he said.
“In an era where speed and precision are paramount, it is redefining how property contracts are reviewed – making it the trusted choice for informed property decision-making across the country.”
