Stamp duty for first-home buyers in 2026 — state-by-state comparison

Stamp duty is the largest single line-item first-home buyers underestimate.

On a $700,000 property in metro Sydney, the standard duty bill is around $26,000. On the same property in metro Melbourne, it’s roughly $37,000. In Brisbane: about $19,000. In Perth: around $26,000.

If you’re a first-home buyer, every state offers some form of concession that reduces or eliminates that duty — but the rules vary dramatically, the price caps reset every couple of years, and the difference between qualifying and not qualifying often comes down to a few thousand dollars on the contract price.

Here’s the 2026 state-by-state map, what you actually save in dollars, and the catches that surprise buyers at conveyancing.

Quick reference table

Indicative figures for a first-home buyer purchasing a new-build under each state’s concession threshold. Always verify current values with the relevant state revenue office before signing.

State	Full concession threshold	Partial concession band	Savings on $650K property	Source
QLD	$700,000	$700K–$800K	~$11,000	qld.gov.au
NSW	$800,000 (new builds)	$800K–$1M	~$24,000	nsw.gov.au
VIC	$600,000	$600K–$750K	~$11,000 (partial above $600K)	sro.vic.gov.au
WA	$530,000	$530K–$601K	~$10,000 (partial above $530K)	wa.gov.au
ACT	Income-tested, no flat cap	tested by income + property value	~$15,000 (income-eligible)	revenue.act.gov.au

State-by-state detail

Queensland

QLD is currently one of the more generous states for first-home buyers on new builds.

• Full duty concession for properties up to $700,000 (new build or established).
• Partial concession on a sliding scale up to $800,000 — saving decreases as price approaches the upper cap.
• First Home Owner Grant: $30,000 for new builds under $750,000, on top of the duty concession.

The combined effect: a $680,000 new build for a first-home buyer in QLD costs roughly $11,000 less in stamp duty than a non-first-home equivalent, plus a $30,000 cash grant. That’s a $41,000 swing.

Watch for: the $700K threshold is contract price, not valuation. Pay $701K and you lose the full concession (you’d still get partial concession but not the maximum saving).

New South Wales

NSW gives first-home buyers the biggest dollar saving in absolute terms because of higher base duty rates.

• Full duty waiver on new builds up to $800,000.
• Partial concession on new builds up to $1,000,000.
• First Home Buyer Choice (older programme) — option to pay annual property tax instead of stamp duty (closed to new applicants from July 2024 except in specific cases; verify current status with NSW Revenue).
• Shared Equity scheme for income-tested buyers (separate from duty concession).

Combined, a first-home buyer purchasing an $800,000 new build in NSW can save ~$31,000 in duty alone vs. a non-first-home buyer.

Watch for: the duty waiver is for new builds and substantially renovated dwellings. Established homes have a different concession schedule with lower thresholds.

Victoria

VIC is more conservative on price thresholds but still provides meaningful savings for buyers staying under $600K.

• Full duty waiver up to $600,000 for first-home buyers (new build or established, principal place of residence).
• Partial concession sliding to $750,000.
• First Home Owner Grant: $10,000 for regional new builds (no metro grant).

A buyer at $580,000 in VIC saves around $10,000–$12,000 on duty. Above $600K, the partial concession reduces fast — at $720K, you’re saving roughly half what you’d save at $600K.

Watch for: the $600K threshold is hard. There’s no rounding. If you’re negotiating between $599K and $605K, the $599K outcome is worth ~$11,000 in duty savings — worth pushing on price.

Western Australia

WA’s first-home concession is tighter on price but the state also runs Keystart, which has separate benefits.

• Full duty exemption up to $530,000 (vacant land or new build).
• Partial concession sliding from $530,000 to $601,000.
• Keystart low-deposit pathway runs separately — income-eligible buyers can purchase with as little as 2% deposit, no LMI, through a state-run lender. Different programme, often stackable.

A WA first-home buyer at $500K on a new build saves around $10,000 on duty AND can use Keystart to dramatically reduce deposit.

Watch for: WA caps moved up in 2024–2025 in response to Perth price growth. The $530K threshold is current at time of writing (April 2026) but adjusts periodically — check current figures before signing.

ACT

The ACT runs an income-tested programme rather than a flat property-price threshold.

• Home Buyer Concession Scheme: full duty exemption for income-eligible first-home buyers on new builds. Income caps adjust annually.
• No flat property-price ceiling (unlike other states), but property must be the principal place of residence.

For income-eligible ACT buyers, the duty saving on a $700K new build is around $15,000+.

Watch for: the income test is based on prior-year ATO assessments. A pay rise in the current year doesn’t disqualify you immediately, but planning for a future-year application requires the income evidence to match.

Common traps

1. The threshold is contract price, not valuation

In every state, the concession is calculated on the contract price you sign. If your contract is $701,000 in QLD (just over the $700K full-concession threshold), you can’t argue valuation comes in at $695K to qualify retrospectively. Negotiate the contract price under the threshold before signing.

2. Established vs. new-build distinctions

Some concessions only apply to new builds (NSW $800K cap is new-build specific). Others apply to both (QLD, VIC) but with different thresholds. Always check whether the property qualifies as a “new build” under the specific scheme — substantially renovated dwellings sometimes count, sometimes don’t.

3. Off-the-plan vs. completed

In some states, off-the-plan purchases get an additional concession (you pay duty only on the land value + construction-cost-to-date at contract signing, rather than the full completed-property price). VIC has the most generous off-the-plan concession; NSW had one but it was significantly tightened in 2024.

4. Income caps stack with duty thresholds

If a state has both an income test (like ACT) and a property-price test, you need to satisfy both. Failing one fails the whole concession.

5. Time limits on occupancy

All state concessions require you to live in the property as your principal place of residence within a specific window (usually 12 months) and remain there for a minimum period (usually 6–12 months). Buying with the concession then immediately renting it out is a clawback trigger.

How to use this

Look at your borrowing range. Map it against the concession thresholds in each state. The state where your borrowing maxes out just under a concession cap is usually where your duty saving is the largest in dollar terms.

For a $650,000 borrower:

• NSW new build → ~$24,000 duty saving (full waiver under $800K cap)
• QLD new build → ~$11,000 duty saving (full concession under $700K) + $30,000 grant if under $750K
• VIC → ~$5,000 (partial concession; over the $600K full-waiver threshold)
• WA → minimal (over the $530K cap)

The QLD outcome is $41,000 of combined assistance vs. NSW’s $24,000-of-duty-saving — even though NSW has a higher cap. That’s why we see so much first-home buyer activity in QLD growth corridors.

What we do

At NextKey, we map the entire stack — Federal First Home Guarantee, state grants, stamp-duty concessions, lender panels — against your specific deposit, borrowing capacity and state preferences, and tell you which combination produces the largest deposit-equivalent saving.

If you want a personalised version of the table above based on your actual situation, book a 30-minute first-home strategy call. No buyer fee, no follow-up sales sequence.

— Sean Lewis · Co-Director, NextKey Property Strategists

---

General advice only. The information above reflects published state revenue office and Federal scheme settings as of April 2026. Stamp-duty concession rules, thresholds, income caps and grant amounts change. For personalised eligibility and current values, consult the relevant state revenue office and your conveyancer or solicitor. NextKey Property Strategists is not a licensed financial planner, tax agent, mortgage broker, real estate agent or solicitor. Property purchase and investment carry risk including loss of capital. Always seek independent financial, taxation and legal advice before making property decisions.