Stamp duty is the cost that catches first home buyers off guard. You’ve saved your deposit, sorted your pre-approval, found a property you can afford - then someone mentions you’ll need another $15,000 to $40,000 for stamp duty.

Every state handles it differently, with different thresholds, concession rates, and eligibility rules. I’ve put together the current state of play as of March 2026, because this stuff changes more often than you’d think.

Disclaimer: These figures reflect the most recent announcements and legislation as of March 2026. Always confirm with your conveyancer or the relevant state revenue office before making financial decisions. This is a guide, not legal advice.

New South Wales

NSW offers a full stamp duty exemption for first home buyers purchasing new homes valued up to $800,000, and existing homes valued up to $800,000. A concessional rate applies for properties valued between $800,000 and $1,000,000.

For a property worth $900,000, a first home buyer in NSW would pay reduced stamp duty of roughly $11,000 instead of the full rate of about $35,000. Above $1,000,000, you pay the full rate.

NSW also has the First Home Buyer Assistance Scheme and the option to choose an annual property tax instead of upfront stamp duty for properties up to $1.5 million. The annual tax is based on land value and works out cheaper if you plan to sell within 10-15 years, but more expensive if you’re holding long-term. It’s worth running the numbers both ways.

The $10,000 First Home Owner Grant applies only to new-build homes valued up to $600,000.

Victoria

Victoria’s first home buyer stamp duty exemption covers properties valued up to $600,000, with concessions for properties between $600,000 and $750,000. These thresholds haven’t changed since 2017 and are increasingly inadequate given Melbourne’s median house price is well above $750,000.

The practical effect: most first home buyers in Melbourne’s middle and outer suburbs are now paying at least some stamp duty, even with the concession. A $700,000 property attracts roughly $15,000 in stamp duty for a first home buyer, compared to about $37,000 for a non-first-home buyer.

Victoria’s $10,000 First Home Owner Grant applies to new homes valued up to $750,000 in Melbourne and $750,000 in regional Victoria. Regional purchases also qualify for an additional $10,000 bonus, making it $20,000 total for new regional homes.

The State Revenue Office Victoria website has a calculator that’s genuinely useful for working out your specific situation.

Queensland

Queensland reformed its approach in 2024, increasing the first home concession threshold. First home buyers now get a full stamp duty exemption on properties valued up to $700,000, with a sliding scale concession up to $800,000.

For a $750,000 property, a first home buyer pays about $5,000 in stamp duty versus roughly $18,000 for other buyers. Above $800,000, you pay the full amount.

Queensland’s $30,000 First Home Owner Grant (for new homes up to $750,000) is the most generous in the country and a significant factor in Queensland’s strong first home buyer activity.

South Australia

SA offers a full stamp duty exemption for first home buyers purchasing new homes valued up to $650,000. For existing properties, there’s no specific first home buyer stamp duty concession - you pay the standard rate.

This is a meaningful distinction. SA is effectively using stamp duty policy to steer first home buyers toward new construction, which makes sense from a supply perspective but is frustrating if you want an established home.

The $15,000 First Home Owner Grant applies to new homes valued up to $650,000.

Western Australia

WA provides a full stamp duty exemption for first home buyers on properties valued up to $430,000 (established homes) or $530,000 (new homes/vacant land + build). Concessions apply up to $530,000 for established and $400,000 for vacant land.

These thresholds are the lowest in the country relative to median prices. Perth’s median house price is around $690,000, which means most first home buyers are purchasing above the exemption cap and paying significant stamp duty.

The $10,000 First Home Owner Grant applies to new homes valued up to $750,000.

Tasmania

Tasmania offers a 50% stamp duty discount for first home buyers on properties valued up to $600,000. Above that, you pay the full rate. There’s no full exemption, which makes Tasmania’s scheme less generous than most mainland states.

The $30,000 First Home Owner Grant (matching Queensland’s level) applies to new homes valued up to $600,000. For a small state, that’s a significant incentive.

ACT

The ACT has abolished stamp duty entirely for eligible first home buyers purchasing properties valued up to $1,000,000, provided their household income is below $170,000. This is the most generous threshold in the country by a considerable margin.

The ACT is also in the process of phasing out stamp duty for all buyers over a 20-year period, replacing it with higher annual land rates. For first home buyers, the immediate benefit is clear.

Northern Territory

The NT offers a full stamp duty exemption for first home buyers on established homes up to $650,000 and new homes up to $750,000. Given Darwin’s median house price is around $500,000, most first home buyers are fully exempt.

The $10,000 First Home Owner Grant applies to new homes.

Which State Is Best for First Home Buyers?

On stamp duty alone, the ACT and Queensland are clearly the most generous. The ACT’s $1,000,000 threshold and Queensland’s $30,000 grant make them standout performers.

NSW and Victoria are increasingly inadequate. Their thresholds haven’t kept pace with property prices, meaning the concessions help fewer buyers each year.

If you’re comparing states and feeling overwhelmed by the numbers, it’s worth getting professional advice. Some property advisory firms work with specialists in this space who use data modelling to help buyers compare the total cost of purchasing across different locations, including stamp duty, ongoing costs, and likely growth trajectories.

The Bottom Line

Stamp duty remains one of the most significant barriers to home ownership in Australia. The concessions help, but in expensive markets like Sydney and Melbourne, the thresholds are increasingly disconnected from reality.

Check the specific rules for your state, run the numbers carefully, and factor stamp duty into your budget from the start - not as an afterthought. The state revenue office websites all have calculators. Use them.