Thanks all for the kind comments, it's great to have some positive feedback on our new home. Just to update:
* contract is in the hands of our conveyancing lawyer now, just to make sure that everything is above-board and that they aren't going to acquire the house from us to build a new freeway etc lol.
* Under Queensland law and because we have signed the contract with intent to purchase the property, we are now responsible for insuring the risk. That is, we have to have insurance on the property to cover 3rd parties in case something happens (i.e one of the trees in our garden falls on the neighbours roof during a storm). This really sux because it will be around 15 - 30 days before we can hopefully move in, and the current owner is still living in the property.