Costs Associated With Buying and Selling a Property

There are a number of major costs associated with selling or buying a residential property in each State and Territory of Australia.

It is important to note that:

• The costs identified here may not necessarily cover all the costs associated with buying or selling a residential property, but they do include all the major items.
• Stamp duties, transfer and registration fees are statutory fees that must be paid.
  Click here to see a summary of stamp duties, without any concessions.
• Some States and Territories offer stamp duty concessions for first home buyers or those who meet an income test, or for purchases of a principal place of residence.
  Click here to see a summary of stamp duties, with concessions.
• Land Tax is payable on the unimproved value of land, where the property is not the principal place of residence. Additionally, some States charge higher stamp duty for investment properties.
  Click here for information on land tax and stamp duty on investment properties.
• Conveyancing fees are not prescribed in legislation. Conveyancing may be undertaken by solicitors, licensed conveyancers or by the buyer or vendor of a property. Conveyancing fees may, therefore, vary considerably depending upon the locality of the property, the type and number of searches required in respect to the property, and who undertakes the conveyancing.
• If a solicitor or licensed agent does the conveyancing there will usually be two components to the conveyancing fee charged. The legal fee charged for the time involved in providing the professional service, and the disbursements fee for out-of-pocket expenses incurred in enquiries, searches etc.