Are you sure?
I thought CGT is only for investment property??!!
If the property is my main and only resident shouldn't it be tax free??
Yes but the tax office needs to be convinced that this really is not an investment property. You need to be personally living in the house for a year as a form of proof that this is truely your personal residence.
This is used to stop "real" developers using it as a loophole. Note that you cannot be renting it out (or even renting out part of it) for that year. If you part rent, you will be subject to a partial CGT payment. Technically if you lived in a house for 5 years, went overseas for a year and rented out your house in the mean time and then came back and sold it immediately, they could demand CGT - but I don't think they normally do.
Also people getting the fist home owner grant need to be in it for a year before selling.