Due diligence is the process a buyer undertakes to investigate a property before committing to purchase, ensuring they’re fully informed about its condition and any potential issues. As of December 2025, it’s a crucial step in Victorian property transactions, and buyers are legally responsible for completing their own checks.
Currently in Melbourne, particularly within the Eastern Suburbs, a typical due diligence period lasts between two and four weeks. Buyers will usually arrange a building and pest inspection, costing approximately $500 – $1,000, to identify structural problems or pest infestations. They’ll also obtain a Section 32 statement from the seller (via the agent), which details important information about the property – planning permits, rates, mortgages, and any legal encumbrances. In 2026, we’re seeing buyers increasingly request searches relating to overlays affecting the property, such as heritage or flood zones, reflecting a greater awareness of environmental factors. Fletchers’ agents provide comprehensive property reports to assist buyers, but the ultimate responsibility for investigation rests with them. Buyers also commonly review planning schemes and zoning regulations with their conveyancer. The process is designed to allow buyers to confidently proceed, or renegotiate, before settlement, which typically occurs 30-60 days after the sale.
Thorough due diligence empowers buyers to make informed decisions and avoid potential issues down the track, contributing to a smoother property transaction for all parties.