Tostee, 28, will be released on bail where he will live with his parents at their home in Carrara, the Gold Coast Bulletin reported.
A number of other conditions would also be put in place.
Tostee was arrested and charged with murder in August after Lower Hutt woman Warriena Wright fell 14 floors to her death from his Surfers Paradise apartment.
The pair met through the Tinder dating app while Ms Wright, 26, was in Australia for a wedding.
Tostee has been in custody since he was arrested in August.
Justice Debra Mullins delayed her decision until today, following a bail hearing at the Supreme Court in Brisbane yesterday.
At yesterday's hearing Tostee's defence team said their client would keep away from alcohol and the dating app Tinder, and stick to a curfew if granted bail, the Gold Coast Bulletin reported.
The defence also argued Tostee was now so recognisable, he was very unlikely to flee if granted bail.
It was expected that Tostee would be released from the Wacol Correction Centre later today, 9News reported.
His parents had put up a $A200,000 ($NZ220,000) surety to ensure his bail went ahead, 9News reported.
Tostee was now under strict bail conditions.
He must stick to a curfew, not consume alcohol and not use the mobile dating app Tinder.
At today's hearing, Justice Mullins said Tostee was not allowed to arrange to meet with any woman he did not know through any social media sites, the Gold Coast Bulletin reported.
Justice Mullins said Tostee had also agreed to take part in an alcohol rehabilitation programme.
She said Tostee appeared to be incredibly focused on himself and was upset about what people were saying about him on social media sites, the Gold Coast Bulletin reported.
However, she said it would be "unjust" for Tostee to remain in custody until his trial, the Gold Coast Bulletin said.
- NZME.
