The notion of property is fundamentally different between modern culture and indigenous people. In practice modernity posits property as a set of material rights that are notionally comparable to other material values. Indigenous people perceive property only partially in these terms and place greater emphasis on origins and obligations of property within an understanding of community that is alien to modern culture. If property is recognized to consist of both material and non-material values, then it cannot be adequately valued in commercial terms alone. The Australian experience in assessing compensation for the extinguishment of indigenous ownership has been less than satisfactory with few resolutions and many of those negotiated in secret. Conclusions from this experience provide insights into the nature of the dilemma of rendering indigenous interests in land into modern commercial terms. The recognition of the metaphysical foundation of the respective systems of property goes some distance towards understanding the difficulties involved in the valuation of indigenous interests. The solution probably lies outside the attempt to transfer ownership when the more defensible need is use.