Australian homebuyers seem to enjoy a higher degree of protection in the form of disclosure of information than their counterparts in Britain and Hong Kong.
While developers in Britain and Hong Kong do not have to give potential buyers a full picture of sales responses to their developments, Australian developers will in many cases disclose how many units have been sold and give the price list for all units.
'[Developers in Australia] may not tell you which units on which floors have been sold or for how much,' said Edmond Lai, Asian marketing manager of Australian developer Australand.
'But they will at least tell you the latest selling prices of all units.'
'Compared with Hong Kong, buyers also have more protection with the cooling-off period.'
Buyers in some Australian states have 14 days to reconsider after signing the preliminary sales and purchase agreement on a property. They can cancel the deal within the period without any penalty.
'In [the primary] property market, you will be given another five days to think about your decision, even after signing the formal contract,' said Mr Lai.
