Stamp duty on $2 million
Two million dollars is a threshold in its own right in Victoria and, indirectly, in South Australia. What each state charges at this price and how the top of the market is taxed.
Checked by Radif Partners · Editorial policy · Methodology
Two million dollars is the last price at which Victoria charges a flat 5.5 % of the value: the bill is $110,000, and from the next dollar each extra $100 costs $6.50 on top of that $110,000 base. South Australia gives this figure a second meaning. Its scale charges $103,830 on $2,000,000, and that is exactly the maximum relief RevenueSA announced on 28 April 2026 for seniors downsizing into a new home, which also confirms that the SA scale has not been indexed. At this price Tasmania is the cheapest state for an Australian buyer, $85,185, thanks to a top rate of $4.50 per $100. Foreign buyers see the widest gap of any profile at this price: $90,800 in the ACT, with no surcharge, against $271,287 in NSW.
This price in one state, four buyer profiles
Investor
$110,000
| Home buyer, not first | $110,000 |
| First home buyer, established | $110,000 |
| First home buyer, new home | $110,000 |
| Foreign investor | $270,000 |
The top of the market, state by state
| State | Owner-occupier | Investor | Foreign investor | First home buyer, new home |
|---|---|---|---|---|
| TAS | $85,185 | $85,185 | $245,185 | $85,185 |
| QLD | $88,350 | $95,525 | $255,525 | $0 |
| ACT | $90,800 | $90,800 | $90,800 | $0 |
| NSW | $91,287 | $91,287 | $271,287 | $91,287 |
| WA | $94,116 | $94,116 | $234,116 | $94,116 |
| NT | $99,000 | $99,000 | $99,000 | $99,000 |
| SA | $103,830 | $103,830 | $243,830 | $0 |
| VIC | $110,000 | $110,000 | $270,000 | $110,000 |
The owner-occupier spread is $24,815. Queensland is no longer cheapest, because its top marginal rate of $5.75 has been running for a full million dollars, and its home concession is worth the same fixed $7,175 it was at $600,000.
Where the higher bands sit
Three scales still have a step at or above this price. Victoria's begins here, at $2,000,000. NSW's premium property duty starts much further up, at $3,870,000 for 2026-27, with $7.00 per $100 above it. The Northern Territory raises its flat percentage at $3,000,000 and again at $5,000,000. The other jurisdictions have no further step: South Australia's last band starts at $500,000, Tasmania's at $725,000, WA's at $725,000, and the ACT is already on its flat 4.54 %.
| Price | NSW | VIC | NT |
|---|---|---|---|
| $2,000,000 | $91,287 | $110,000 | $99,000 |
| $3,000,000 | $146,287 | $175,000 | $172,500 |
| $4,000,000 | $203,237 | $240,000 | $230,000 |
| $5,000,000 | $273,237 | $305,000 | $297,500 |
South Australia and the seniors relief
RevenueSA's notice of 28 April 2026 introduced a stamp duty relief for buyers aged 60 and over who sell their principal place of residence and buy a new home, an off-the-plan apartment or land to build on, on a smaller block, for contracts from 25 March 2026. The relief is capped at $103,830, the duty on a $2,000,000 purchase. We have not read the detailed conditions, so the calculator does not apply it; the downsizer page sets out what is known.
First home buyers at this level
A first home buyer at $2,000,000 still pays nothing on a new home in Queensland and South Australia, and on any home in the ACT if eligible for its scheme. Everywhere else the full scale applies, although the Northern Territory's $50,000 HomeGrown grant on a new home has no price cap, worth slightly more than half the Territory duty at this price.
Lower prices
The $1.5 million page covers the ACT's flat rate threshold and the NSW 5.5 % band. Every other price, from $500,000 up, is on the duty by price index.