Contemporary
Contemporary describes design of the present moment, reflecting current materials, technologies and ways of living, as distinct from Modern, which refers to a specific historical movement.
The distinction matters. Modernism was a defined twentieth-century movement with its own principles and period. Contemporary is a moving target: it means whatever is being designed now, so contemporary design of 2010 and of today are not the same thing.
In Australian residential work, contemporary design currently tends toward open but zoned planning, strong indoor and outdoor connection, generous glazing balanced against thermal performance, honest expression of materials such as concrete, steel and timber, and restrained, largely neutral palettes.
Because it is not a fixed style, contemporary design is best understood as an approach: respond to the site and the climate, use materials for what they are, and avoid applied decoration that is not doing any work.