Leasehold

Ownership of a long-term lease (often 99 years) rather than the land itself — the ACT is fully leasehold.

Leasehold means you own a long-term lease (typically 99 years, renewable) over land rather than owning the land outright. The Australian Capital Territory is unique in that ALL ACT land is held under 99-year leasehold from the Commonwealth — so when ACT buyers "buy a house," they're actually buying the lease. Leasehold systems also exist on Commonwealth-managed land elsewhere (e.g. some Norfolk Island and Jervis Bay).