Buying in Hong Kong vs Australia: costs compared

Since February 2024, an Australian buying a flat in Hong Kong pays the same stamp duty as a local. On the same budget, that can mean less duty than you'd pay in Sydney. The catch is what that budget buys.

The short version

Hong Kong has no general restriction on foreigners buying homes, and the extra duties that hit non-permanent residents were abolished on 28 February 2024 [1].
The single biggest cost difference: on about A$1 million, Hong Kong stamp duty is roughly HK$124,000 (about A$22,500), while NSW transfer duty is about A$39,200 [2][3][7].
Hong Kong banks can lend up to 70% of a home's value, for owner-occupiers and investors alike [5].
Owners pay rates and government rent based on a property's rateable value; landlords pay 15% property tax on net rent [6][4].
Hong Kong doesn't tax capital gains on a home you hold as an investment. In Australia, selling as a foreign resident costs you the main residence exemption [4][9].

Can an Australian buy in Hong Kong?

Yes. You don't need permanent residency, a work visa or government approval to buy a residential flat in Hong Kong. Australians buy in their own name, the same way locals do.

What changed is the tax. Until early 2024, buyers who weren't Hong Kong permanent residents paid Buyer's Stamp Duty on top of ordinary duty, and anyone flipping within a couple of years paid Special Stamp Duty. The Inland Revenue Department confirmed that Special Stamp Duty, Buyer's Stamp Duty and New Residential Stamp Duty all stopped applying to residential deals from 28 February 2024 [1]. So an Australian on an employment visa now pays exactly what a Hong Kong permanent resident pays.

Leasehold, not freehold

Almost all land in Hong Kong is held under government leases rather than as freehold, and owners pay an annual government rent on many of them [6]. In practice, flats trade like any other property, but your lawyer will check the lease term and any conditions as part of the title search.

Does a second passport help?

Not for tax, because Hong Kong no longer charges foreigners anything extra. Permanent residency (generally after seven years of continuous ordinary residence) matters for other things, but not for buying a flat.

Upfront costs side by side

Rates as at November 2026. Hong Kong amounts in Hong Kong dollars, with AUD at the RBA rate of HK$5.50 per Australian dollar on 5 November 2026.

Cost	Hong Kong	Buying back home (as an Australian living abroad)
Purchase tax / stamp duty	Ad valorem stamp duty on the whole price: HK$100 up to HK$4 million, then 1.5%, 2.25%, 3%, 3.75% and 4.25% as the price rises past HK$20 million [2][3]	NSW transfer duty: A$11,602 plus 4.5% of the value over A$387,000, up to A$1.29 million (2026–27) [7]. Each state sets its own scale
Foreign buyer surcharge	None since 28 February 2024 [1]	None for Australian citizens buying in NSW, wherever they live
Legal fees	Solicitor's fees for the purchase and the mortgage; quotes vary	Conveyancer or solicitor, usually a few thousand dollars
Agent's commission	Commonly charged to the buyer as well as the seller; negotiable, and should be agreed in writing	Usually only the seller pays the selling agent; a buyer's agent is optional
Registration and other fees	Land Registry fees for registering the deed and mortgage	Land registry transfer and mortgage fees of a few hundred dollars
Loan fees	Valuation and bank fees; some banks offer cash rebates	Application and valuation fees; lenders mortgage insurance above 80% LVR

A homes-above-HK$100-million note for the very few it affects: the 2026–27 Budget proposed lifting the top duty rate from 4.25% to 6.5% for those deals, with the change backdated to 26 February 2026 once passed [8].

In Hong Kong the duty applies to the whole price, not just the slice in each band, so crossing a threshold makes a noticeable jump. Marginal relief smooths the edges a little.

Getting a loan

In Hong Kong

The Hong Kong Monetary Authority (HKMA) sets the ceilings banks must follow. Since 16 October 2024, the maximum loan-to-value ratio is 70% for all residential property, whether you live in it or rent it out, and the debt servicing ratio limit is 50% of income for both [5]. The HKMA also dropped the extra 10-point cut that used to apply if you already had another mortgage [5].

Banks then layer on their own policies. If most of your income comes from outside Hong Kong, or your visa runs out soon, expect closer questions and possibly a lower loan. We couldn't confirm a current published HKMA rule on this, so ask each bank directly.

Back home

Australian lenders will lend to Australians living in Hong Kong, but the pool is smaller. Many count only part of your foreign salary to cover currency swings, and maximum LVRs for expats are often below what a resident would get. Hong Kong dollar income is pegged to the US dollar, which some lenders treat more kindly than less common currencies, but that's a lender-by-lender call. Our foreign income and deposit guides walk through how the assessment works.

Holding costs

	Hong Kong	Australia (NSW example)
Rates	5% of rateable value for most homes; from 2025 a progressive system adds 8% and 12% bands for very high rateable values [6]	Council and water rates
Ground rent	Government rent of 3% of rateable value on applicable leases [6]	None
Land tax	None	NSW land tax on investment property once your total land value passes the threshold; your own home is usually exempt
Management fees	Monthly building management fees, common in almost every block	Strata levies for units
Tax on rent	Property tax at 15% of net assessable value: gross rent, less rates you pay, less a 20% allowance for repairs [4]	Foreign residents pay 30% from the first dollar on Australian rent up to A$135,000 (2025–26 rates)

One thing to check on the Australian side: if you're still an Australian tax resident while working in Hong Kong, Australia taxes your worldwide income, including Hong Kong rent, with credits for tax paid there. Most people on a full-time Hong Kong contract become foreign residents, but the ATO looks at the whole picture, not just where you sleep.

Selling and tax

Hong Kong

Hong Kong has three direct taxes, salaries tax, profits tax and property tax, and none of them is a general capital gains tax. Profits tax excludes gains on capital assets [4], although someone trading property as a business would be taxed on those profits. With Special Stamp Duty gone since February 2024 [1], there's no penalty for selling quickly either. Your main exit costs are agent's commission and legal fees.

Australia

Selling an Australian home while you're a foreign resident is a different story. You generally lose the main residence exemption, even for the years you lived there, unless you pass the narrow life events test [9]. Every Australian property sale also triggers 15% foreign resident capital gains withholding unless the seller hands over an ATO clearance certificate by settlement [10]. If you're a foreign resident, you won't get one, so plan for the cash flow.

Currency

The Hong Kong dollar is pegged to the US dollar, so owning in Hong Kong is effectively a US dollar asset for an Australian. If the Aussie falls against the greenback while you own, your Hong Kong flat is worth more in AUD; if it rises, the reverse.

A worked example

Illustration only. A budget of about A$1 million in both places: HK$5.5 million (about A$999,700) for a Hong Kong flat, and A$1,000,000 for a NSW home. In Hong Kong that generally buys a compact flat rather than a family-sized one in most districts. Legal, agent and loan fees are left out.

Upfront tax	Hong Kong	NSW, Australian citizen abroad
Stamp / transfer duty	2.25% × HK$5.5 million = HK$123,750 (about A$22,500) [2][3]	A$11,602 + 4.5% × A$613,000 = A$39,187 [7]
Foreign buyer duty	Nil [1]	Nil
Total duty	About A$22,500	A$39,187
Maximum loan from a local bank	70% (HK$3.85 million) [5]	Depends on the lender; often lower for expats

Hong Kong is cheaper on duty at this price, but agent's commission paid by the buyer narrows the gap, and holding costs work differently. Run your own numbers with real quotes.

Which suits whom

No verdict here, just the factors that tend to decide it:

How long you'll stay. With no flipping duty, Hong Kong is now less punishing for shorter holds than it was before 2024, but buying and selling costs still add up.
Where you'll end up. If you'll retire in Australia, a property back home can become your residence. If Hong Kong is home for good, owning there removes rent risk.
Space for money. The same dollars buy far less floor area in Hong Kong. Families often find that decisive.
Rental demand and tax. Hong Kong's 15% property tax on net rent is simple. Australian rent earned as a foreign resident is taxed from the first dollar.
Currency. HKD tracks the US dollar. Your debts, income and retirement should ideally line up.
Estate planning. Assets in two legal systems need wills that work in both.

Plenty of Australians in Hong Kong have weighed this up already. Join Cooee Hong Kong, our Facebook group for Australians in Hong Kong, at /join/.

Buying in Hong Kong vs back home: where the duty is lighter now