A residential dwelling that is not new - i.e. has been previously occupied or sold. The negative-gearing restriction in the proposed 2027 reform applies specifically to this class.
Distinguished from "new residential" - a dwelling that has not been sold or occupied as a residence since being constructed. New residential is excluded from the 2027 negative-gearing restriction in the current proposal, on the rationale that the policy aims to channel investment into new housing supply.