TL;DR
Knowing the key terms used in Australian real estate gives you the confidence to buy or sell smartly. From financing to legal terms, understanding the language helps you avoid costly mistakes and make clear, informed decisions.
Key Takeaways:
Stepping into the property market for the first time? It can feel like you need a translator. Terms like “strata,” “settlement,” or “green title” sound official, but unless you know what they mean, they can leave you guessing.
This isn’t just about sounding informed. Understanding property terms puts you in control of one of the biggest financial decisions you’ll ever make. When you know what you’re signing or discussing, you’re less likely to be misled, confused, or hit with an unwelcome surprise.
Misunderstanding even one real estate term can lead to delays, stress, or unexpected costs. You might miss out on a great property or agree to conditions you didn’t fully grasp. Many buyers nod along in meetings or skim documents, thinking they’ll sort it out later—but by then, it might be too late.
When you understand what agents, conveyancers, brokers, and developers are saying, your communication improves instantly. You’re seen as a serious buyer or seller, and that confidence can influence how professionals treat you.
Let’s walk through the most common terms you’ll encounter in the Australian property market, broken down into easy-to-understand categories.
The legal contract where you and the seller agree on the terms of the deal. It often includes conditions that must be met before the sale is locked in.
The final step where ownership transfers and money changes hands. Usually takes 30-60 days after O&A is unconditional.
Handles all the legal paperwork, payments, and title changes. A must-have in every transaction.
A licensed expert who represents you, the buyer—not the seller. Helps find, negotiate, and inspect properties.
The checks you make before you buy: inspections, title searches, council zoning, and more.
A condition that must be met for the deal to go ahead. Common ones include finance approval or a clean building report.
An offer with no conditions attached. Once accepted, both sides are fully committed.
You own both the land and the building outright. No shared areas, no strata fees.
You own a unit or apartment and share common areas like hallways or gardens. You’ll pay ongoing strata fees for maintenance.
Two or three homes built on the same block. Often share a wall and may have separate or shared titles.
Planning rules that determine how densely an area can be developed. R20 = lower density; R40 = higher.
Someone else has legal access to part of your land—like a shared driveway or utility lines.
A restriction on what you can build or do with the land, often put in place by the developer.
How much you’re borrowing compared to the property value. Over 80% usually means you’ll pay Lenders Mortgage Insurance.
A cost you pay to protect the bank—not you—if you borrow more than 80% of the property’s value.
Conditional OK from a lender for a loan. Lets you shop with confidence and shows sellers you’re serious.
An independent check on what the property is worth, often done by a bank.
The increase in value of your property over time.
How much rent you earn as a percentage of the purchase price. Helps gauge investment value.
Whether your rental income covers your expenses. Negative = loss (can have tax benefits); Positive = profit.
Also called stamp duty. A tax you pay when buying property. Rates vary by state.
Foreign Investment Review Board. If you’re not a citizen or resident, you’ll likely need FIRB approval to buy.
The full legal agreement that spells out all terms of the deal.
A claim or right on the property—like a mortgage or easement—that could affect its use or value.
A legal notice lodged on the title to stop it from being sold or changed without the caveator’s consent.
When a seller accepts a higher offer even after agreeing (verbally) to yours.
Properties not advertised publicly. Often found through agent networks or buyer’s agents.
The middle point of property prices in a suburb—not the average. Useful for spotting trends.
How long a property has been for sale. A short DOM usually means a hot market.
Just another word for the seller.
A real estate agent’s estimate of property value, not to be confused with a formal valuation.
Code for: “It needs work, but has potential.”
Let’s be honest—even with a glossary, real estate can feel like a different world. That’s where we come in.
At Rise Property Buyers, we explain things in plain language and guide you through each step. Our job is to help you understand what you’re buying, what it means, and how to avoid mistakes.
We’re local to Perth, with real experience in the WA market. We don’t just help you find property—we teach you the rules of the game while we play it with you.
If you’re ready to buy your first home, grow your portfolio, or relocate to Perth, we’re ready to help. Let Rise Property Buyers make your property journey clearer, smarter, and more successful.
Book a free consultation today. Let’s talk about how we can help you win in the Perth market.
