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Brokers to reap benefits of new e-Conveyancing legislation

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Australian Broker | 06 Jul 2016, 08:16 AM Agree 0
Innovative e-Conveyancing legislation passed in South Australia will streamline the property buying process
  • Rob | 07 Jul 2016, 08:03 AM Agree 0
    Welcome to South Australia! To celebrate, PEXA slipped in new transaction pricing as of 1st July 2016 including a 107.5% increase for a single title Discharge Mortgage (Express Refinance) transaction and 36.3% increase for a single title Mortgage (Express Refinance) transaction. No information was supplied by PEXA to justify these changes. All other transaction type price increases were less than 3% each. An example of selective price gouging by PEXA?
  • Taylor | 07 Jul 2016, 01:25 PM Agree 0
    Price gouging? Rather harsh! Perhaps PEXA's marketing gurus would refer to it as a price 'creaming or skimming' technique so they may enjoy the increased revenue benefits from recent VIC, WA and NSW government mandates which force all conveyancing stakeholders to use these particular transaction types in this new fiscal period.
  • Rob | 23 May 2017, 10:12 AM 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.
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