Australian Broker forum is the place for positive industry interaction and welcomes your professional and informed opinion.

Australia to have 'world-first' national e-conveyancing platform

Notify me of new replies via email
Australian Broker | 04 Feb 2015, 05:00 AM Agree 0
Australia is a step closer to a “world-first” national e-Conveyancing platform after full online property transfer functionality launched in Victoria last week
  • Jeff Mazzini | 04 Feb 2015, 09:06 AM Agree 0
    Sad reality of today's digital world is that any job role that requires data input can be automated. So if everyone understands that then they should review current job role and restructure their future career options.
  • P. Evans | 04 Feb 2015, 10:35 AM Agree 0
    PEXA's CEO reported today in 'Banking Day' that they have 200 practitioners signed up as subscribers from a total of 12,000 in their target market. He declined to comment on how many of them are actively processing directly with PEXA. While many in the conveyancing industry wait for PEXA's sponsors to seamlessly integrate their current conveyancing platforms with PEXA, these early PEXA adopters will be left performing double data entry of their transfer details. In the meantime, PEXA will have to wait longer for revenue streams from the remaining 98% of the practitioner market.
  • Rob | 23 May 2017, 12:01 PM Agree 0
    PEXA's website promotion and countdown to the 1 August 2017 compliance date for electronic refinance transactions in WA, NSW and VIC highlights their rent-seeking dependency with state governments to prop up PEXA's business model.
    PEXA claim to have an active and growing network of 4,115 lawyers and conveyancers as at May 2017, however they provide no detailed analytical information to reveal usage trends for 'in-scope' transactions. Perhaps it is just the major banks who account for most all PEXA property transactions?
    PEXA's CEO forecast, in Feb 2015, they were on the cusp of achieving a network 'critical mass', however, with less than 35% of practitioners signed up, PEXA may well take up to 5 years to secure the balance of practitioners using the current adoption rate of 135 new practitioners on average per month. PEXA's problem is transaction volume; with a total of only $47B of aggregate property value transacted since PEXA's system implementation in 2013, this is a tiny fraction of total Australian residential home and unit value measured in trillions of dollars. No doubt PEXA's biggest challenge is to identify more 'rent-seeking' opportunities through their government stakeholders to enforce PEXA adoption by practitioners in an environment where technology innovation and solution 'value' seems to be a myth or a low priority by so many practitioners in the industry.
Post a reply