Pretty much, but if a child who has children predeceased the parent, those children take the predeceased childs share between them in an intestacy. Nobody else is entitled.
For example, if there are four children but one of them dies leaving two children (lets call him Peter), the three surviving children take a quarter each and the children of Peter take an eighth each.
In the case where there is a will, the parent can leave the property to any or none of the children, but it can be open to challenge under Section 117 of the Succession Act that the parent failed in his/her moral duty to provide for the children. Such challenges are rare due to the cost and difficulty.