Stamp duty on $1.2 million
At $1.2 million the price-capped concessions are behind you. What remains is the raw scale of each state, and the ranking changes in ways that surprise people.
Checked by Radif Partners · Editorial policy · Methodology
At $1,200,000 the ranking of the states turns over for investors. New South Wales charges the least of all eight: $48,187, because its $5.50 band does not start until $1,290,000 in 2026-27. Queensland and the ACT, cheaper at lower prices, are now in their top marginal bands and charge an investor $49,525 and $49,750. Victoria takes 5.5 % of the whole price, $66,000. No price-capped first home concession reaches this far. A first home buyer still pays nothing on a new home in Queensland and South Australia, and on any home in the ACT if eligible for the uncapped Home Buyer Concession Scheme. For an owner-occupier who has bought before, Queensland's home concession rate keeps it the cheapest state at $42,350, with the ACT's owner-occupier scale next at $46,758.
This price in one state, four buyer profiles
Investor
$66,000
| Home buyer, not first | $66,000 |
| First home buyer, established | $66,000 |
| First home buyer, new home | $66,000 |
| Foreign investor | $162,000 |
The ranking at $1.2 million
Here are the four buyer profiles that matter at this price. The established first home column is shown to make a point: in most of the country it is now identical to the owner-occupier one.
| Buyer | NSW | Victoria | Queensland | WA | South Australia | Tasmania | ACT | NT |
|---|---|---|---|---|---|---|---|---|
| Owner-occupier | $48,187 | $66,000 | $42,350 | $52,916 | $59,830 | $49,185 | $46,758 | $59,400 |
| Investor | $48,187 | $66,000 | $49,525 | $52,916 | $59,830 | $49,185 | $49,750 | $59,400 |
| First home, established | $48,187 | $66,000 | $42,350 | $52,916 | $59,830 | $49,185 | $0 | $59,400 |
| First home, new | $48,187 | $66,000 | $0 | $52,916 | $0 | $49,185 | $0 | $59,400 |
The investor row runs from $48,187 to $66,000, a gap of $17,813 on the same purchase. For owner-occupiers the gap is wider still because Queensland and the ACT keep their owner-occupier discount.
Why NSW comes out ahead here
NSW indexes its thresholds each 1 July, and for 2026-27 the $4.50 band runs from $387,000 to $1,290,000. Queensland's 5.75 % band starts at $1,000,000, so it already applies to the last $200,000 of this purchase. The ACT's investor scale charges $6.40 per $100 over $1,000,000. The result is that an NSW investor who would have paid more than a Queensland one at $800,000 pays less at this price.
The effect does not last forever. Above $1,290,000 NSW moves to $5.50 per $100; the $1.5 million page shows where that leaves it.
First home buyers with a bigger budget
A first home buyer at $1,200,000 has three ways to avoid duty: buy new in Queensland or South Australia, or qualify for the ACT scheme, which needs no property interest in the previous 5 years. Everywhere else the buyer pays what an owner-occupier pays. The first home buyer guide compares the schemes, and the ACT scheme page covers its conditions.
Neighbouring pages
The $1 million page covers the price where the last capped concession, NSW's, ends. Above, the $1.5 million page looks at the ACT's flat rate. The duty by price index lists the rest.