Buying or selling property can feel like learning a new language. In this episode, we break down the most common real estate terms so you can step into the market with confidence.
Types of Homes
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Studio — one room + bathroom
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Townhouse — usually double-storey, may share land
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House — freestanding, no shared land
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Period homes — Victorian, Edwardian, Art Deco, Californian bungalow
How Properties Are Sold
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Auction — public bidding, runs until reserve is met
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Private sale — negotiate directly with the agent
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Best & highest / Expressions of interest — sealed or timed offers
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Off-market / Pre-market — not yet listed online
Key Contract & Legal Terms
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Settlement — when ownership changes hands
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Cooling-off period — short window to change your mind (not at auctions)
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Subject to… — conditions like finance or building inspection
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Vendor statement / Section 32 — disclosures about the property
Costs to Watch
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Deposit — usually 10% at signing
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Stamp duty — state property tax
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Council & water rates — ongoing charges
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Land tax — applies mostly to investors
By the end of this episode, you’ll have a clear picture of the words agents, lawyers, and contracts throw around — so you can focus on the big picture: finding (or selling) the right property.
