The basics
Each state charges transfer duty (still widely called stamp duty) when you buy property. It's based on the dutiable value, which is usually the price you pay. It's paid around settlement, usually from your own cash rather than the loan, and it's gone the day you pay it. That's why it takes years of growth to recover.
Investors generally don't get the home concessions. First home buyer exemptions and owner-occupier rates are mostly limited to people who will live in the property. An investment house usually pays the general rate. There are exceptions (some states give relief on new builds or off-the-plan purchases), but Holdwell buys established houses only, so the general rate is the relevant one here.
Duty on a $650,000 house, as at October 2026
We've calculated these from the general rate tables published by each state's revenue office. No concessions, an Australian resident individual buyer, and an established house. They're our calculations, not an official assessment.
| State | How it's worked out | Duty on $650,000 | Share of price |
|---|---|---|---|
| New South Wales | $11,602 + $4.50 per $100 over $387,000 | $23,437 | 3.6% |
| Victoria | $2,870 + 6% of the value over $130,000 | $34,070 | 5.2% |
| Queensland | $17,325 + $4.50 per $100 over $540,000 | $22,275 | 3.4% |
| South Australia | $21,330 + $5.50 per $100 over $500,000 | $29,580 | 4.6% |
A few notes on the table:
- NSW indexes its thresholds each year. The figures above are the 2026/27 rates on Revenue NSW's site.
- Victoria's general (non principal place of residence) rates are the SRO's published rates for contracts from 1 July 2021. Between $960,000 and $2 million, a flat 5.5% applies to the whole value instead.
- Queensland's rate table page was last updated in June 2026. Its home and first home concessions don't apply to an investment purchase.
- South Australia's general rates were last updated on RevenueSA's site in November 2024. SA's relief for eligible new homes doesn't apply to an established investment house.
Foreign purchaser surcharges
Each of these four states adds a surcharge when a foreign person (including some companies and trusts) buys residential land. As at October 2026, Revenue NSW lists surcharge purchaser duty at 9% of the dutiable value, Queensland lists additional foreign acquirer duty at 8%, and RevenueSA lists its foreign ownership surcharge at 7%. Victoria charges foreign purchaser additional duty too: check the State Revenue Office for the current rate. On a $650,000 house, a surcharge of 7% to 9% adds $45,500 to $58,500 on top of the duty above. Who counts as foreign has its own definitions in each state, so a solicitor or conveyancer should confirm your position.
The other states
We haven't verified the current rates for Western Australia, Tasmania, the ACT or the Northern Territory for this article. If you're looking there, check the state's revenue office and its official calculator. Holdwell buys Australia-wide, including in those states.
Why it matters for the plan
On our example house, stamp duty alone ranges from about 3.4% to 5.2% of the price. Add conveyancing, building and pest inspections and loan costs, and the total is higher again. The property has to grow by all of that before you're back to where you started.
That has two practical effects. First, the state matters, not just the suburb: a higher-duty state needs more growth to recover the same entry cost. Second, it's a strong reason not to buy and sell quickly. Selling costs then come on top. The Escape Plan includes buying and selling costs when it works out whether investing first beats saving, so you can see their effect on your year.
Check before you rely on it
Rates and thresholds change, sometimes mid-year, and concessions come and go with state budgets. Before you sign anything:
- Use the official duty calculator on the relevant revenue office website (links below).
- Ask your conveyancer or solicitor to confirm the duty on the actual contract, including whether any surcharge applies.
- Make sure the duty and other costs are in your cash-to-buy figure, not just your deposit.
Our due diligence checklist covers where buying costs fit among the other checks before you commit.
Sources
- Revenue NSW, "How to calculate transfer duty" (2026/2027 rates), October 2026
- State Revenue Office Victoria, "Duties rates: general land transfer duty rates (non-PPR) from 1 July 2021", accessed October 2026
- State Revenue Office Victoria, "Land transfer duty: non principal place of residence (current rates)", September 2026
- Queensland Revenue Office, "Transfer duty rates", June 2026
- RevenueSA, "Rate of stamp duty", November 2024
- RevenueSA, "Foreign ownership surcharge: calculation of surcharge", January 2025
- King & Wood Mallesons, "2026/27 State and Territory Budgets: stamp duty, land tax and payroll tax", June 2026
General information only. Nothing on this site takes into account your objectives, financial situation or needs, and it is not financial, credit, tax or legal advice. Past performance is not a reliable guide to future performance.