Stamp Duty on Australian Investment Property: What You Actually Pay by State

Stamp duty — formally called transfer duty, conveyance duty, or land transfer duty depending on the state — is a transaction tax imposed by each state and territory on the transfer of property. It is charged as a percentage of the purchase price (or in some cases the market value, whichever is higher), and it must be paid before or at settlement. It is the largest single upfront cost in a property transaction after the purchase price itself, and it is not refundable if the purchase falls through after contracts are exchanged in most jurisdictions.

This guide sets out the standard duty rates by state for investment property purchases, the concessions relevant to off-the-plan buyers, and an illustrative cost comparison across selected price points. Foreign buyer surcharges are a separate impost covered in a companion guide.

How Stamp Duty Is Calculated

Most states calculate transfer duty on a progressive scale — similar to income tax. A portion of the purchase price falls within each bracket and is taxed at the rate applicable to that bracket, with the total duty being the sum of each component. This means the "stamp duty rate" quoted in general discussions is often the marginal rate at the top bracket, not the effective rate on the whole purchase price.

The dutiable value is generally the higher of the purchase price and the market value of the property. For off-the-plan purchases, several states assess duty on a lower value at the time of contract (explained below), which is the key concession for investors buying new property.

Queensland

Queensland transfer duty is calculated on the purchase price using a progressive bracket system. For investment property purchases above $1,000,000, the applicable rate is $38,025 plus 5.75% of the amount over $1,000,000 (based on the Queensland Office of State Revenue schedule).

For a $700,000 investment property, Queensland transfer duty is $17,325. For a $1,000,000 property, it is $38,025. These are the standard rates before any foreign surcharge applies.

Off-the-plan concession in Queensland: Buyers who purchase off-the-plan in Queensland may be eligible for a concession that reduces the dutiable value to the land value plus the construction cost incurred at the date of contract, rather than the total contract price. This can substantially reduce the duty payable at exchange for purchases early in the development timeline. The concession is subject to conditions and is not automatic — the contract must meet specific Queensland Revenue Office requirements. Investors should confirm eligibility with a Queensland conveyancer before exchange.

New South Wales

New South Wales transfer duty applies on a progressive scale. For a $700,000 purchase, the standard rate is $26,857. For a $1,000,000 purchase it is $40,507. For purchases above $3,000,000, a premium duty rate applies. NSW duty rates are published by Revenue NSW and are updated periodically.

New South Wales introduced an option to pay an annual property tax in lieu of upfront stamp duty for certain owner-occupiers and first home buyers, but this option is not available for investment properties. Investors must pay upfront stamp duty in the standard way.

Off-the-plan: NSW previously had a generous off-the-plan stamp duty concession for owner-occupiers. Reforms have significantly restricted concessions for investors — the current position requires careful confirmation with a NSW conveyancer, as the rules have changed multiple times in recent years.

Victoria

Victoria's land transfer duty applies on a sliding scale. For a $700,000 property the standard rate is approximately $37,070. For a $1,000,000 property it is approximately $55,000. Victoria applies its standard rates to investment properties without the first home owner concessions available to owner-occupiers.

Off-the-plan concession: Victoria's off-the-plan concession reduces the dutiable value by the construction cost not yet incurred at the time of the contract. This can provide a meaningful reduction for buyers purchasing early in a development. The concession is available to all buyers, including investors, subject to the contract meeting the relevant conditions. Detailed guidance is available from the State Revenue Office Victoria (sro.vic.gov.au).

Western Australia

Western Australia's transfer duty rates are among the lower end of Australian states. For a $700,000 property, standard transfer duty is approximately $26,390. The WA rates are calculated differently from eastern states and the Department of Finance publishes a duty calculator for precise figures.

Western Australia does not impose a foreign buyer stamp duty surcharge (as at mid-2026), making it the most cost-effective state for foreign investors on a duty basis among the major property markets.

South Australia

South Australia applies conveyance duty on a progressive scale. For a $700,000 property the rate is approximately $29,330. The full schedule is available from RevenueSA (revenuesa.sa.gov.au).

Illustrative Comparison: Standard Duty Only (Excluding Foreign Surcharges)

The following is an illustrative comparison of standard transfer duty payable by a domestic investor (not a foreign person) across selected purchase prices. Foreign buyer surcharges are additional and are set out in the companion state-by-state surcharge guide. These figures are indicative and based on published schedules as at mid-2026 — actual duty should be confirmed with a licensed conveyancer in the relevant state.

State	$500,000	$700,000	$1,000,000	$1,500,000
Queensland	$10,600	$17,325	$38,025	$66,750
New South Wales	$17,835	$26,857	$40,507	$67,507
Victoria	$21,970	$37,070	$55,000	$82,500
Western Australia	$17,765	$26,390	$40,415	$65,790
South Australia	$21,330	$29,330	$48,830	$77,330

Figures are illustrative based on published schedules as at mid-2026. Rates are subject to change. Confirm with a licensed conveyancer in the relevant state before exchange.

The Off-the-Plan Advantage for Investors

The off-the-plan stamp duty concession — where available for investors — can represent a material cost saving compared to purchasing a completed property at the same price. The concession works because the dutiable value at the time of contract is lower: it reflects the land value plus construction cost to date, rather than the full anticipated end value of the completed property.

For a developer-constructed apartment with a contract price of $700,000, if the land value plus construction cost at contract date is assessed at $350,000, the duty is calculated on $350,000 — approximately half of what it would be on the full purchase price. In a state where this concession applies to investors, the saving can be $10,000 to $20,000 or more depending on the stage of construction at which contracts are signed.

Signing earlier in the development timeline — when construction cost to date is lower — generally produces the greater concession. This is one of the structural reasons why early-stage off-the-plan purchases can carry a financial advantage over later-stage or completed stock, all else being equal.

What Stamp Duty Does Not Cover

Stamp duty is charged on the transfer of property. It does not cover the other transaction costs that investors need to budget for:

• FIRB application fee (foreign buyers only) — scales from $14,100 on purchases up to $1,000,000
• Foreign buyer duty surcharge — 7–8% in most states (WA excepted)
• Legal and conveyancing fees — typically $1,500 to $3,500 for a standard residential purchase
• Lender costs — mortgage registration fees, loan application fees, lender's mortgage insurance if LVR exceeds 80%
• Building and pest inspection — for completed properties
• Buyer's agent fee — if a buyer's agent is engaged (not applicable where Steinhardt is engaged, as our commission is paid by the developer)

Key Government Sources

• Queensland Revenue Office — Transfer duty — qro.qld.gov.au
• Revenue NSW — Transfer duty — revenue.nsw.gov.au
• State Revenue Office Victoria — Land transfer duty — sro.vic.gov.au
• Department of Finance WA — Transfer duty — wa.gov.au
• RevenueSA — Conveyance duty — revenuesa.sa.gov.au