Property Jargon in Australia

Here is a list of terms relevant to buying or renting a house or flat in Australia...

When reading the property-related classified advertisements in Australian newspapers and magazines, it can help to know some of the key jargon terms:

Allotment Area of land sufficient to build a home. Also referred to as lot or building block
Auction Public sale of a property to the highest bidder, provided the seller's price has been reached or exceeded
Conveyancing Branch of law dealing with the transfer of property
First Home Owner Grant (FHOG) Government scheme for first home owners
For Sale By Owner (FSBO) Used by owners who are selling their property without the use of an estate agent
For Sale By Tender (FSBT) Procedure where the seller sets a date when potential buyers can make an offer on a property. Usually properties are high value or unusual
Freehold The majority of properties are on a freehold title, which are of unlimited duration
Reserve price Minimum price a vendor will sell a property for at auction
Settlement The final step in the property purchase procedure
Stamp duty State tax for transactions and documents relating to the transfer of ownership
Strata Title Land title, generally for flats, townhouses and properties with multiple owners on one piece of land
Unit Apartment or flat
Villa Bungalow-style (single-storey) house in a residential area, either detached or semi-detached, often with a shared driveway