Property Exchange Australia (PEXA) has rounded out 2018 by announcing it has now completed over two million property transactions, which includes transfers, refinance and caveats. This is a significant landmark, with the first PEXA transaction occurring back in 2013.
PEXA reached one million transactions in April this year. Since then, it has taken the company just eight months to double this figure – as the country’s legal and conveyancing practitioners and financial institutions increasingly choose to process their matters digitally.
The digital uptake is being driven by the burgeoning e-Conveyancing network, made up of more than 150 financial institutions and 7,500 practitioner firms. PEXA, established in 2010 to fulfil a Council of Australian Governments’ (COAG) initiative, has partnered with these organisations, their representative bodies and the state governments to support the industry’s digital transition.
The digitisation of property transactions in Australia is ongoing, but this year has represented a major tipping point. Two states, Victoria and Western Australia, committed to processing all available property transactions digitally, in October and December respectively, while New South Wales is set to follow in July 2019.
Managing Director CS Legal in WA, Richard Wensley said, “We have seen only benefits from going online.
In all of the transactions we have done, I have been unable to find one negative issue with the system.”
Peter Grotjan, Partner, Gadens added “Gadens is a long-time collaborator with PEXA and one of the early adopters in the market regarding front end banking and finance settlements. We have been a proactive member in PEXA’s community of practice and have provided practical feedback to assist PEXA in its endeavour to provide an efficient, fit for purpose and easy to use platform. Further to this, we have also collaborated with PEXA’s technology team to integrate our internal systems to improve efficiencies and maintain quality for both Gadens and PEXA. By using integration as a way to remove the need to input duplicate data and reduce the potential for error, we look forward to continuing our relationship with PEXA, focusing on system integration.”
PEXA CEO, Marcus Price said, “When you consider that it took us five years to reach our millionth transaction, and yet, just eight months to reach our second, it is evident that there is strong momentum and a positive shift in mindset around e-Conveyancing. The commitment to embrace change from industry members has been outstanding and this is a fitting way to cap a significant 2018 for the industry.”
New PEXA Marketplace
PEXA also recently launched a marketplace, initially available in NSW, which currently enables property searches to be conducted via marketpkace partners Equifax and Citec Confirm.