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Actually, it means that here in NSW too :o So my apologies to the OP. It means a house on a block of land - standard resi.

I'm assuming that if he's talking about Sydney, then he's meaning a 2b zoning (up from resi 2a) but not high-rise like a 2c zoning.

PROs: You can knock down your old house sometime in the future and build villas or townhouses. If you don't want to, then some developer will come knocking on your door some time in future. You may consolidate a few houses with your neighbours to make more land for such a development. CONs: If...