Reference
56 terms covering real estate, property development, planning, and transactions in Australia.
The process of purchasing or gaining ownership of a property or land parcel. In development, this refers to securing a site for future development.
A legal entity created when a building is subdivided into individually owned lots (strata title). Responsible for managing common areas and enforcing by-laws. Also called Owners Corporation in some states.
The three-dimensional space within which a building must be contained, defined by height limits, setbacks, site coverage, and plot ratios in the planning scheme.
A legal notice registered on a property title that warns anyone searching the title that someone other than the registered owner has an interest in the property.
A category of development assessment in Queensland where the application is assessed against the relevant code provisions. Does not require public notification and generally results in faster approval.
A form of land subdivision that allows for shared ownership of common property (such as roads and parks) while each lot is individually owned. Common in master-planned communities.
A contract for the sale of property that is subject to certain conditions being met (such as obtaining development approval, finance, or satisfactory due diligence) before becoming binding.
A Queensland Government register listing land where contamination has been identified and a management plan is required. Must be checked as part of due diligence on any development site.
A legally binding restriction or obligation registered on a property title that affects how the land can be used or developed. Restrictive covenants may limit building height, materials, or land use.
A formal application to a local council seeking approval to carry out development on a site. Includes plans, reports, and supporting documentation demonstrating compliance with the planning scheme.
The profit a developer targets from a project, typically expressed as a percentage of Gross Realisable Value (GRV). A standard target is 20% of GRV, though this varies with risk profile.
Formal permission from a local council or planning authority to carry out specified development. May include conditions relating to design, infrastructure contributions, and environmental management.
The investigation and analysis conducted before purchasing a property. Includes title searches, planning checks, environmental assessments, survey reviews, and financial feasibility analysis.
A right held by one party to use or access another party's land for a specific purpose, such as drainage, sewerage, or access. Easements are registered on title and can significantly affect development potential.
Any right, interest, or liability attached to a property that may affect its value or use. Includes mortgages, caveats, easements, and covenants.
A Queensland Government register listing land where a notifiable activity (such as fuel storage or industrial use) has occurred. Requires investigation before development.
A sales method where prospective buyers submit written offers by a specified date. The vendor is not obligated to accept any offer. Common for development sites and commercial properties.
A financial analysis of a proposed development project, comparing estimated revenue (GRV) against all costs (land, construction, fees, finance, marketing) to determine viability and expected return.
A form of property ownership where the owner has complete ownership of both the land and any buildings on it, in perpetuity. The most common form of property ownership in Australia.
The total floor area of all storeys of a building, measured from the external walls. Used in planning schemes to regulate density through plot ratio calculations.
The total estimated sales revenue from a completed development project. Calculated by multiplying the number of dwellings or lots by their expected sale prices.
Also called infrastructure charges. Fees paid to local government or utility providers to fund trunk infrastructure (water, sewer, stormwater, transport) needed to service new development.
A planning overlay that identifies places of historical, architectural, or cultural significance. Development within a heritage overlay is subject to additional assessment criteria to protect heritage values.
A more rigorous category of development assessment in Queensland that requires public notification and allows third-party submissions. Required for larger or more complex development proposals.
Contributions levied by local councils on new development to fund public infrastructure such as roads, parks, water supply, and sewerage. Calculated per dwelling or per square metre of GFA.
A form of property tenure where the owner holds a lease for a specified period (often 99 years) from the Crown or another freeholder. Common in the ACT and some Queensland properties.
A zoning category in Brisbane City Plan 2014 that allows for houses, duplexes, and small lot housing. Maximum building height is typically 9.5 metres (2-3 storeys).
The individual parcel of land as identified on a registered survey plan. Each lot has a unique lot number and plan number that identifies it in the titles system.
A comprehensive plan for the development of a large site or precinct, showing proposed land uses, building forms, road layouts, open spaces, and staging. Often required for large-scale developments.
A type of development that involves changing the use of land or a building, or intensifying an existing use. For example, changing from residential to commercial, or from a house to units.
A development that combines two or more uses (typically residential, commercial, and/or retail) within the same building or site. Increasingly encouraged in planning schemes to create active, walkable neighbourhoods.
A local area plan within the Brisbane City Plan that provides specific development provisions for a defined area. May override or supplement the general zoning provisions.
The portion of a development site that can actually be built on after accounting for road dedications, park contributions, drainage reserves, and other non-developable areas.
A property sold without public advertising or listing on property portals. The transaction is conducted through an agent's private buyer network. Common for high-value and sensitive transactions.
Purchasing a property before it is built, based on architectural plans and specifications. Common in apartment developments. Buyers typically pay a deposit with the balance due at completion.
An additional layer of planning regulation that applies on top of the base zoning. Common overlays include flood, heritage, character, bushfire, and airport noise.
The ratio of total gross floor area (GFA) to total site area. For example, a plot ratio of 2:1 on a 1,000m² site allows up to 2,000m² of GFA. Controls density in planning schemes.
Sales of dwellings or lots in a development project before construction begins (off-the-plan). Lenders typically require a minimum level of pre-sales before providing construction finance.
A contract structure giving one party the right to buy (call option) and the other the right to sell (put option) at a predetermined price and timeframe. Used in development to control sites while pursuing approvals.
A professional who provides independent estimates of construction costs for development projects. QS reports are typically required by lenders as part of the finance approval process.
The process of subdividing land into smaller lots, amalgamating lots, or rearranging lot boundaries. Requires development approval from the local council.
The maximum price a developer can pay for a site while achieving their target profit margin. Calculated as GRV minus all development costs minus developer margin.
A legal agreement between a developer and council (under the Planning and Environment Act in Victoria, or similar provisions in other states) that imposes obligations relating to the use or development of land.
The minimum distance required between a building and the property boundary, road frontage, or other reference point. Front, side, and rear setbacks are specified in planning schemes.
The date on which ownership of a property legally transfers from seller to buyer and the purchase price is paid. In Queensland, settlement is conducted electronically through PEXA.
The percentage of a site area that is covered by buildings (measured at ground level). Planning schemes set maximum site coverage ratios to ensure adequate open space and landscaping.
A state government tax on property transactions, calculated as a percentage of the purchase price. Rates vary by state and may include concessions for first home buyers or investors.
A form of property ownership that allows individual ownership of a lot (unit/apartment) within a larger building, with shared ownership of common areas managed by a body corporate.
A provision in an off-the-plan contract that allows either party to terminate if settlement has not occurred by a specified date. Protects buyers from indefinite delays and developers from prolonged commitments.
A search of the land titles register to confirm the registered owner, any encumbrances (mortgages, caveats, easements), lot dimensions, and other matters affecting the property.
A professional who advises on land use planning and manages the development approval process. Town planners prepare and lodge development applications and negotiate with councils on behalf of clients.
The land registration system used across Australia where ownership is guaranteed by the state. The registered owner holds an indefeasible (guaranteed) title to the property.
Higher-density, mixed-use development located within walking distance of public transport stations. Encouraged in planning policy to reduce car dependency and increase housing supply near transport.
The seller of a property. In development, the vendor may be a private landowner, a government entity, or a developer selling completed or partially completed stock.
In development, the number of dwellings or lots that can be achieved on a site. In investment, the annual rental income expressed as a percentage of the property value.
The classification of land under a planning scheme that determines what types of development are permitted. Common zones include residential, commercial, industrial, mixed-use, and community facilities.