No, no... this must be for taxes, meaning the previous owner can get the house back if he pays his taxes during the year following the acquisition by the new owner. It's very exceptional, in real life, there are not many of those that end up well.
There are parts of the US where you could buy 400 houses for the price of yours, Pigsy. I was looking at some a few weeks ago, the cheapest was a 3 bed 1 bath for $580. Beyond ridiculous.
"I could buy three houses in the USA for the price of my house here." Might be true as an average, but there are expensive places in the US like San Francisco which are certainly as expensive as Australia if not more.
And now Venice Beach (near Santa Monica) which is part of LA: Expensive because Google opened shop there: It wrote "GENTRIFICATION" all over the sand of the beach and the canals.