In NSW, transfer duty (also known as stamp duty) is calculated on the property’s sale price or its current market value, whichever is higher. In addition to the standard transfer duty rate payable on a property, you are also required to pay a premium duty rate for residential properties worth more than $3 million.
It’s important to note that the threshold amounts for standard transfer duty and premium duty in NSW are adjusted to the Consumer Price Index (CPI). You can find more details on the Revenue NSW website. Presently, the following duty rates are applicable on the purchase of residential property as of 1 July 2022.
Transfer Duty Rate
Up to $15,000
$1.25 for every $100 (minimum $10)
$15,000 to $32,000
$187 plus $1.50 for every $100 over $15,000
$32,000 to $87,000
$442 plus $1.75 for every $100 over $32,000
$87,000 to $327,000
$1,405 plus $3.50 for every $100 over $87,000
$327,000 to $1,089,000
$9,805 plus $4.50 for every $100 over $327,000
$44,095 plus $5.50 for every $100 over $1,089,000
Our NSW Stamp Duty Calculator could help you estimate how much duty you may be required to pay. Note that the NSW State Government offers some stamp duty concessions to first home buyers under the First Home Buyers Assistance Scheme. It allows stamp duty exemptions for first home buyers purchasing a new or existing home valued up to $650,000 or a vacant block of land worth less than $350,000.
Stamp duty concessions are also available under the scheme for new and existing homes valued between $650,000 - $800,000 or a vacant block of land valued between $350,000 - $450,000.