The simple answer is NO, not in the way you're expecting.
Note: When buying an income-producing investment property, the expenses associated with its purchase are treated differently from later repair, maintenance and ongoing management costs.
Many of the upfront costs are considered what we call a 'capital cost'.
These include stamp duty, conveyancing costs and building and pest inspections.
You cannot claim these costs as a tax deduction in the year they were incurred.
Instead, they get added to your cost base and essentially reduce your Capital Gain when (and if) you sell the property.
What if I don't buy the property?
If you pay for a building & pest inspection on a potential purchase that does not proceed, then there is no cost base to add it t,o which means this expense is not claimable.
What if I run a property investment business?
Now this is a little different, but it really depends on what you mean by a "property investment business."
If you're in the business of purchasing long-term investment properties, then the conditions described above relate to you.
Note: On the other hand, if you are a property developer who sells stock at the end of the project, or somebody in the business of buying, selling and trading properties, then you should be able to claim the upfront costs of running your business, rather than making them capital costs.
There will also be many other tax reductions you can claim.
However, you will lose the 50% discount on the Capital Gains Tax when you sell a property, even if you hold it longer than 12 months.