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

by Julia Corderoy04 Feb 2015
Property Exchange Australia (PEXA) launched full online property transfer functionality in Victoria last week, bringing Australia a step closer to a “world-first” national e-Conveyancing platform.

In June, Australian Broker reported that with the backing of the big four banks, Victorian property lawyers and conveyancers were able to lodge and remove caveats. Now, Victorian practitioners are able to sign on to PEXA to complete online property transfers.

Marcus Price, chief executive of PEXA, said this is a testament to the appetite for PEXA in the property industry, and when it rolls out nationally it will be the first truly national online property exchange and settlement platform in the world.

“The platform modernises conveyancing, improving cost efficiencies and almost eliminates the significant rework linked to mistakes made using traditional paper-based conveyancing,” he said.

Santina Taranto, president of the Australian Institute of Conveyancers (AIC), says it has revolutionised his business – increasing efficiency and significantly reducing the delays and stress of property settlement experienced by home buyers and sellers.

“PEXA delivers long-overdue certainty for settlement and registration. Its efficiency opens up new opportunities for the conveyancing profession and property industry. Members of the AIC look forward to the benefits flowing from this truly national digital platform. This is a significant milestone with the launch of full online transfer functionality in Victoria last week,” Taranto said.
 

COMMENTS

  • by Jeff Mazzini 4/02/2015 9:06:18 AM

    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.

  • by P. Evans 4/02/2015 10:35:55 AM

    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.

  • by Rob 23/05/2017 12:01:02 PM

    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.