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"Registration requirements" what does this mean

", and registration requirements,, and domain names can only be registered for 2 years. Products will automatically renew until cancelled. You may turn off the auto-renewal feature by visiting your GoDaddy account."
Go Daddy stated this when I'm trying to buy a website with .com .au. I'm just wondering what this means and can I renew and extend the domain even after 2 years, and can someone else buy this domain if I purchase it first?