Digital property transactions saw a 25% jump last month, as more than 100,000 transactions were completed through Property Exchange Australia (PEXA).
The May figures were nine times higher than for the same period the year before, as the group continues its drive to make transactions 100% digital throughout Australia.
In April the company also announced that over one million transactions were settled digitally on the PEXA platform.
Ninety-eight percent of Australia’s mortgage lending market and over half of all legal and conveyancing firms nationwide are on the PEXA platform.
According to PEXA’s research, it is saving between three and five hours per transaction and the potential to reduce settlement delays.
A recent independent analysis also revealed that the Australian conveyancing industry stands to benefit approximately $89 million per annum once it goes fully digital by 2021-22.
Des and Natalie Hough, first time property buyers in Victoria said, “We were very fortunate to have been offered the chance by our conveyancer to purchase our property using PEXA. Everything happened so seamlessly behind the scenes. This is the single largest investment we have made in our lives, and now we are owners of a beautiful home in Victoria! Based on this experience we think that everyone buying a home should go through the PEXA platform. It’s definitely the way to go.”
Marcus Price, PEXA CEO, said, “This growth is a testament to the industry’s readiness to embrace digitisation. This achievement has far exceeded our projections to date and would not have been possible without the unprecedented collaboration we have experienced across the network.
“This network effect is propelling the property industry towards the 21st century as more practitioners begin to realise the benefits of digitization. They are the influencers the industry needs.”
There are more than 145 financial institutions, five land registries and revenue offices, as well as over half of all legal and conveyancing firms nationwide transacting on the platform.