Stamp duty thresholds by state in 2026, and the cliffs that surprise buyers

Stamp duty is the single largest transaction cost on an Australian property purchase. It is also one of the least negotiated by buyers, because most people treat it as fixed. It is fixed in the sense that the formula is the same for everyone. It is not fixed in the sense that small changes to your offer price can produce large changes in your stamp duty bill.

The cliff effect matters. A property purchased at $1,045,000 in NSW pays $15,000 more in stamp duty than the same property purchased at $1,040,000. The threshold is the problem. The buyer who knows where the thresholds sit knows where to negotiate.

Here are the 2026 thresholds for each state. Verify with your state revenue office before exchange because some have policy reviews underway.

NSW

The full schedule has eight bands. The two that matter for most buyers:

• $310,000 to $1,043,000: $9,805 plus $4.50 per $100 over $310,000
• Above $1,043,000: $43,290 plus $5.50 per $100 over $1,043,000

The cliff at $1,043,000 is a 1.0% jump in the marginal rate. On a $1.1M purchase, the buyer pays $46,425 in stamp duty. On a $1.0M purchase, the buyer pays $40,855. The maths is non-linear once you cross the line.

First home buyers in NSW get full stamp duty exemption up to $800,000 and a sliding concession up to $1,000,000. Above $1M, no concession.

The optional property-tax pilot (replacing upfront stamp duty with a small annual land tax) is still available for first home buyers under $1.5M as of 2026, though take-up has been modest.

VIC

Five bands. The relevant ones:

• $130,000 to $960,000: $4,170 plus $5.50 per $100 over $130,000
• Above $960,000: $50,165 plus $6.50 per $100 over $960,000
• Above $2,000,000 (premium): same plus $5,500 per $100,000 over $2M

The cliff at $960,000 adds an extra 1% marginal rate. The further cliff at $2M is a premium tier that materially lifts the cost on prestige property.

First home buyers in Victoria get full exemption up to $600,000 and a sliding concession up to $750,000. The Off-The-Plan stamp duty concession remains the strongest in the country: stamp duty on an OTP purchase is calculated only on the land value, not the completed dwelling value, for FHBs.

QLD

Two bands matter for most buyers:

• $5,000 to $1,000,000: variable, peaking at $4.50 per $100 in the $540k-$1M band
• Above $1,000,000: $38,025 plus $5.75 per $100 over $1,000,000

The cliff at $1M lifts the marginal rate by 1.25%. Queensland's foreign-investor surcharge is 7% on top, applied to the full purchase price for foreign-resident buyers.

First home buyer concessions in QLD: full exemption up to $700,000, sliding to $800,000. Beyond that, no concession.

SA

Three bands:

• $200,000 to $500,000: $6,830 plus $4.00 per $100 over $200,000
• $500,000 to $1,000,000: $18,830 plus $4.75 per $100 over $500,000
• Above $1,000,000: $42,580 plus $5.50 per $100 over $1,000,000

SA has a less dramatic cliff because the rate climbs in smaller steps. First home buyer concessions: full exemption up to $650,000 (for new builds) and partial up to $700,000.

WA

WA changed its general-rate schedule in 2025 to flatten the curve. The relevant 2026 bands:

• $360,000 to $725,000: $11,115 plus $4.75 per $100 over $360,000
• $725,000 to $1,000,000: $28,453 plus $5.15 per $100 over $725,000
• Above $1,000,000: $42,615 plus $5.65 per $100 over $1,000,000

First home buyer exemption applies up to $470,000 on new dwellings. Partial concession up to $530,000.

TAS

Two bands matter:

• $200,000 to $725,000: $5,935 plus $4.00 per $100 over $200,000
• Above $725,000: $26,935 plus $4.50 per $100 over $725,000

Tasmania has the gentlest cliff curve in the country. First home buyer concessions: 50% off duty up to $750,000 for established homes.

ACT

The ACT phased out residential stamp duty for most purchases as part of its long-running tax reform. As of 2026, stamp duty is materially lower than other states for properties up to $1.5M. Replaced by higher annual rates. For a high-turnover buyer this is favourable. For a long-hold investor, less so.

NT

Two bands:

• $525,000 to $3,000,000: variable, around 4.95% marginal at the top
• Above $3,000,000: 5.95%

NT has the highest entry threshold (5.45% on the median) but the gentlest progression for mid-band purchases.

The negotiation lever

If your offer is sitting $5,000 to $15,000 above a stamp duty cliff, the marginal cost to you of negotiating the price back below the cliff is the duty saving. On the NSW $1,043,000 threshold that is roughly $15,000 of stamp duty avoided per $5,000 of price reduction (3x leverage). Few negotiation moves have that ratio.

The conversation with your buyer's agent or your conveyancer is the same in every state: "I am willing to pay X. Where does that sit relative to the next stamp duty band?" If they cannot answer immediately, you are paying them for the wrong thing.

Stamp duty is not a fixed cost. It is a function of the price you pay. Knowing the function changes the price you should pay.