Green’s Dictionary of Slang

terrace (of houses) n.

(Aus.) trousers.

1914		N.Z. Truth 31 Jan. 2/8: I fell down the apples and pears [...] and busted the sweet peas on my terrace of houses (bursted the knees of my trousers).
1950		‘No. 35’ Argot in G. Simes DAUS (1993).
1967		‘Whisper All Aussie Dict.’ in Kings Cross Whisper (Sydney) xli 4/3: terraces: Trousers, from terrace of houses.
1977		J. Ramsay Dict. Aus. Sl. 89: terraces [...] See terrace houses, bast. rhym., trousers [DAUS].
1983		R. Aven-Bray Ridgey-Didge Oz Jack Lang 11: They were dressed in the uniform of the day. Gucci terrace of houses and dicky dirts from the op-shops for the blokes and jeans and slogan carrying T-shirts for the Charlie Wheelers.