crown leasehold - act

Residential land in the ACT is held under a 99-year lease from the Crown. This means that you do not own the land outright but rather you lease the right to use it for 99 years. There is a nominal rent but it is not paid unless asked for. This factor together with almost certain extension of the term means that ownership in the ACT is very similar to freehold ownership in NSW.
All land in the ACT is held under the Real Property Act 1925. This Act is similar to Real Property Acts in each Australian State. Land so held is known as Torrens Title land which is State-guaranteed title based on a registration system. See torrens title.
The Buyer buys the residue of the term of the lease granted for the subject block. The Buyer has similar certainty of ownership (because of the Torrens system) as has the owner of freehold land elsewhere. Leasehold provides the ACT Government with a very convenient and direct method for controlling land use. The Land (Planning and Environment) Act 1991 (ACT), s171, gives the owner the right within the last 30 years of the term to obtain the grant of a further residential lease. The same Act details the compensation rights if there is no further lease granted.