Stamp duty is the single biggest upfront cost when buying an investment property, and it varies enormously by state. A $700,000 investment property costs roughly $24,500 in stamp duty in Queensland but around $37,000 in Victoria. That’s a $12,500 difference on the same purchase price, and it directly affects your cash-on-cash return from day one.
The other thing most stamp duty guides skip: investors don’t qualify for any of the concessions that reduce stamp duty for owner-occupiers. No first home buyer exemptions. No principal place of residence discounts. No stamp duty waivers. You pay the full general rate, every time.
Here’s what stamp duty actually costs on an investment property in each state, as of the 2025-26 financial year.
The investor stamp duty comparison
These figures are for Australian resident investors purchasing established residential property. Foreign buyers pay additional surcharges (covered below). All amounts are approximate based on 2025-26 rate schedules and may vary slightly depending on the exact property value and transaction details.
| State | Stamp duty on $500K | Stamp duty on $700K | Top marginal rate |
|---|---|---|---|
| QLD | ~$15,925 | ~$24,525 | 5.75% |
| ACT | ~$16,400 | ~$25,600 | 5.86% |
| WA | ~$17,765 | ~$27,265 | 5.15% |
| TAS | ~$18,250 | ~$27,810 | 4.50% |
| NSW | ~$19,235 | ~$28,235 | 5.50% |
| SA | ~$21,330 | ~$30,830 | 5.50% |
| VIC | ~$25,070 | ~$37,070 | 6.50% |
For exact calculations on your specific property, use our upfront cost calculator or the relevant state revenue office calculator.
Calculate exact stamp duty for any property price across all Australian states. Includes bracket breakdowns and first home buyer concessions.
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The spread between the cheapest state (QLD at ~$24,525) and most expensive (VIC at ~$37,070) on a $700,000 property is over $12,500. For investors buying interstate, this is real money that affects your return.
State-by-state breakdown
Queensland
Queensland consistently has the lowest stamp duty for investment properties in the $500,000-$800,000 range. The general transfer duty rates apply to all investor purchases, with a top marginal rate of 5.75% above $1 million.
What makes QLD attractive: the rate structure is relatively flat through the mid-range, so investors buying in the $500,000-$750,000 range (which covers most of the Brisbane, Gold Coast, and regional QLD markets we target) pay less upfront than in any other state.
No concessions apply to investors. First home buyer exemptions and the home concession rate are owner-occupier only.
New South Wales
NSW uses the same rate structure for investors and owner-occupiers. The progressive rates run from 1.25% to 5.50%, with a 7% premium rate applying to residential properties above $3,721,000 (2025-26 threshold, CPI-adjusted annually).
For a typical investment property in western Sydney ($900,000-$1,100,000), stamp duty runs $37,000-$46,000. That’s a significant chunk of capital that could otherwise be your deposit on a second property in another state.
Stamp duty is payable within three months of exchange, or at settlement if earlier.
Victoria
Victoria is the most expensive state for stamp duty on investment property. The non-principal-place-of-residence rates are higher than the owner-occupier rates, and properties between $960,001 and $2,000,000 attract a flat 5.5% on the entire purchase price, not just the marginal excess.
On a $600,000 investment property, VIC stamp duty is $31,070. On $800,000, it’s $43,070. Combined with the higher land tax surcharge in Victoria (which we cover in our land tax comparison), the upfront costs of investing in VIC are meaningfully higher than in QLD, WA, or NSW.
The silver lining: Victoria’s lower property prices relative to Sydney mean the total dollar amount of duty can still be comparable or lower for a given investment budget, even if the rate is higher.
Western Australia
WA uses the same rates for everyone: investors, owner-occupiers, and companies. The top marginal rate of 5.15% is the lowest top rate of any state, which benefits investors buying at higher price points.
For properties in the $500,000-$750,000 range where most Perth investment suburbs sit, WA’s stamp duty lands in the middle of the pack. The rates are straightforward with no surprise surcharges or cliff effects.
South Australia
SA’s stamp duty runs from 1% to 5.50% across progressive brackets. On a $700,000 investment property, you’re paying around $30,830. The 2025-26 state budget confirmed no changes to rates or thresholds.
No investor concessions exist. Foreign investors pay an additional 7% surcharge on top of standard rates.
Tasmania
Tasmania’s rates have been unchanged since October 2013, with a top marginal rate of 4.50% above $725,000. That’s the second-lowest top rate after WA. On a $500,000 property, Tasmanian stamp duty is approximately $18,250.
ACT
The ACT has higher rates than most states for lower-value properties but becomes more competitive at higher price points. Non-owner-occupier (investor) rates range from 0.60% to 5.86%. Notably, the ACT is one of only two jurisdictions (along with the NT) that does not impose a foreign buyer surcharge on stamp duty.
What investors miss out on
If you’re buying an investment property, none of these apply to you:
- First home buyer exemptions/concessions (all states)
- Principal place of residence concession rates (VIC, QLD, and others)
- NSW First Home Buyer Assistance Scheme (exempt up to $800,000 for owner-occupiers)
- QLD first home buyer stamp duty exemption (from 1 May 2025, covers new builds for first-time owner-occupiers only)
- VIC principal place of residence rates (significantly lower than investor rates)
This catches some first-time investors off guard, especially rentvestors who are buying their first property as an investment while renting elsewhere. The stamp duty bill is higher than they expected because the online calculator defaulted to owner-occupier rates.
Always select “investment property” or “non-owner-occupier” when using a stamp duty calculator. The difference can be $5,000-$15,000.
Foreign buyer surcharges
If you’re a foreign investor (non-Australian citizen or permanent resident), each state adds a surcharge on top of standard stamp duty:
| State | Foreign buyer surcharge |
|---|---|
| NSW | 8% |
| VIC | 8% |
| QLD | 8% |
| TAS | 8% |
| SA | 7% |
| WA | 7% |
| ACT | No surcharge |
| NT | No surcharge |
On a $700,000 property in NSW, that’s an additional $56,000 on top of the standard ~$28,235, bringing total duty to ~$84,235. These surcharges make the ACT and NT notably cheaper for foreign investors.
How to factor stamp duty into your budget
Stamp duty is not a deductible expense in the year you pay it. Instead, it gets added to the cost base of the property, reducing your capital gains tax when you eventually sell. But in the short term, it’s cash out of your pocket that doesn’t come back until sale.
For a practical budget, add stamp duty plus these costs to your 20% deposit:
- Stamp duty: see table above
- Legal/conveyancing: $1,500-$3,000
- Building and pest inspection: $400-$600
- Loan application fees: $0-$600
- Other upfront costs
On a $700,000 property in QLD with 20% deposit, your total cash requirement is roughly: $140,000 (deposit) + $24,525 (stamp duty) + $3,000 (other costs) = approximately $167,500.
The same property in VIC: $140,000 + $37,070 + $3,000 = approximately $180,070. That $12,500 stamp duty difference means you need $12,500 more capital to buy the same-priced property in Victoria.
For investors building a portfolio, this is why buying in states with lower stamp duty can accelerate your growth. Lower upfront costs mean you preserve more capital for the next purchase.
This is general information only and not financial or legal guidance. Stamp duty rates change and individual transactions may vary. Confirm all figures with your solicitor or conveyancer before committing to a purchase.
If you’re comparing investment options across states and want to understand the full upfront cost picture, book a free discovery call.
