Stamp duty, or transfer duty, is a one-time state tax imposed on buyers when they buy a property. The rules around the duty vary across Australia as it is in the hands of state governments. However, no matter what state you live in – you will pay more stamp duty as the property price increases. In addition to the state you live in and the properties' worth, how much you pay will depend on whether you are eligible for concessions or exemptions.
Stamp duty rates NSW are generally an upfront cost. However, the NSW government announced the option to pay an annual property tax instead. This fixed-rate land tax would be paid annually for as long as the buyer owns the property. It's an offer available from January 2023 to first-time buyers purchasing a home under $1,500,000. It is not available retroactively for those who already purchased their home.