How much can you afford to spend?f
It may be worth considering a a second hand commercial grade mower like a Kubota. They are built so much better than any domestic unit and are often disposed of by Councils after a few thousand hours. They will still have plenty of life in them. There is a Kubota dealer at Nambour who always has a few.
I bought a 48" Kubota with a 3 cyl diesel for $1800. It had 2600 hours on it and apart from a few cracks in the deck which were easily welded, it runs like a dream. Even if it only last another 500 hours, its still good value.
When you do the sums, you will probably only put 50-100 hours a year on it in domestic use . Say 5hrs/mow x 12 -20 mows/year depending on rainfall. I mow about once per month in winter and once a fortnight in summer.
Also, why are you ruling out a tractor/slasher? 5 acres is a lot of work on any ride on if its not a lawn like surface. A decent 30-40 hp tractor with 4-5ft slasher can be found for about 5k. The tractor might be 40 years old and look like an antique, but will usually have plenty of life left and they are usually cheaper to repair/rebuild than most ride-on mowers.

I can get a complete engine rebuild kit including new crank for less than $1000! There are plenty of people on here who could make recommendations on used tractors within a certain budget.
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