Not all states are created equal For first home buying. Property prices, stamp duty, government grants, and price caps vary significantly. This guide compares all 8 states and territories to help you find the best value.
Overall Cost Comparison
Here's a comparison of what it costs to buy a first home in each state. We've used a median-priced unit/apartment for each capital city as a benchmark:
| State | Median Unit Price | Stamp Duty (first home buyer) | FHOG | Total Upfront Cost (5% deposit + fees) | Score |
|---|---|---|---|---|---|
| Northern Territory (NT) | $380,000 | $0 (exempt up to $650k) | $15,000 | $19,000 | ★★★★★ |
| South Australia (SA) | $410,000 | $0 (exempt up to $650k) | $15,000 | $20,500 | ★★★★★ |
| Tasmania (TAS) | $430,000 | $1,500 (after 50% concession) | $10,000 | $23,000 | ★★★★ |
| Western Australia (WA) | $450,000 | $0 (exempt up to $430k) | $10,000 | $22,500 | ★★★★ |
| Queensland (QLD) | $480,000 | $0 (exempt up to $500k) | $15,000 | $24,000 | ★★★★ |
| Victoria (VIC) | $600,000 | $0 (exempt up to $600k) | $10,000 | $30,000 | ★★★ |
| ACT | $500,000 | $5,000 (concession applied) | $10,000 | $25,000 | ★★★ |
| New South Wales (NSW) | $720,000 | $0 (assistance scheme up to $800k) | $10,000 | $36,000 | ★★ |
Note: Total upfront = 5% deposit + stamp duty (after concessions) + $5,000 fees: minus FHOG grant. Prices are approximate as of 2026.
Cheapest States Ranked
1. Northern Territory (NT): Most Affordable Overall
The NT has the best combination of low property prices, full stamp duty exemption, and a $15,000 grant. Darwin's median unit price is around $380,000. A 5% deposit would be $19,000 plus FHOG of $15,000: meaning your total cost of purchase (excluding fees) is effectively only ~$4,000 out of pocket with the grant.
2. South Australia (SA): Excellent Value
Adelaide has median unit prices around $410,000, a full stamp duty exemption up to $650,000, and the maximum $15,000 FHOG. A 5% deposit of ~$20,500 plus the $15,000 grant makes entry very affordable.
3. Tasmania (TAS): Solid Option
Hobart median unit prices around $430,000 with a 50% stamp duty concession (saving ~$10,000) and $10,000 FHOG. Regional Tasmania is even cheaper.
4. Western Australia (WA): Strong Contender
Perth units around $450,000. Full stamp duty exemption up to $430,000 (partial up to $530,000) and $10,000 FHOG. Regional WA has even lower prices.
5. Queensland (QLD): Good Value
Brisbane units around $480,000. Stamp duty exemption up to $500,000 and the $15,000 FHOG makes QLD competitive, though prices have risen significantly post-COVID.
Summary Comparison Table
| State | Buying a $500,000 Property: Total Out of Pocket (5% deposit + fees - FHOG) |
|---|---|
| NT | $15,000 (plus you get $15k FHOG = net positive) |
| SA | $15,000 (plus $15k FHOG = net positive) |
| QLD | $25,000 (stamp duty exemption) - $15k FHOG = $10,000 + fees |
| VIC | $0 stamp duty (up to $600k) + $25k deposit - $10k FHOG = $15,000 + fees |
| NSW | $0 stamp duty (Assistance Scheme) + $25k deposit - $10k FHOG = $15,000 + fees |
Key Takeaways
- NT and SA are the cheapest overall thanks to full stamp duty exemptions + high FHOG amounts
- QLD has great value if you buy under $700,000 (full concession for established homes; zero duty on new homes)
- NSW and VIC are the most expensive overall despite good concession schemes
- Regional areas in every state are significantly cheaper than capital cities
- Don't forget ongoing costs: council rates, insurance, and maintenance vary by state
Related Guides
- First Home Owner Grant by state
- Stamp duty concessions by state
- How to save a deposit faster
- First Home Guarantee: 5% deposit
Prices, grants, and concessions are approximate and based on 2026 data. Always check current state government websites for the most up-to-date information.
How to Compare States Like a Pro
Cheapest isn't just the lowest median price — it's the total of price, stamp duty, grants, and ongoing costs. The 2026 picture: the ACT now charges first home buyers no stamp duty at all, but has among the highest property prices; QLD exempts new homes from duty entirely and offers the $15,000 grant (after the $30,000 boost ended in June 2026); NT and SA have the lowest entry prices; and the First Home Guarantee's price caps — like $1.5 million in Sydney versus $700,000 in Hobart — determine where a 5% deposit loan is actually possible.
A useful method is to price one specific property — say a $550,000 unit — across states: add the stamp duty you'd actually pay, subtract any grant, and compare the total cash needed. That number, divided by local median incomes, gives you a rough affordability score that simple price rankings hide.
Action Plan: Shortlisting Your State
- Write down your budget and check the First Home Guarantee price cap for each city you're considering.
- Use the tables above to compare stamp duty and grants for your target price point.
- Factor in lifestyle and employment — a cheaper home in a market with no jobs costs more in the long run.
- Check state-specific extras: FHOG amounts, off-the-plan concessions, and shared equity programs (like Keystart in WA).
- Verify every figure on the state revenue office websites before making a decision — grants and thresholds changed across QLD, TAS and ACT in July 2026.