In February 2023, Queensland joined Victoria, New South Wales, Western Australia and South Australia as the latest state to fully embrace digital property settlements.
With more than 85% of transactions now being seamlessly facilitated online nationally, Australia has firmly entrenched a world-leading experience for both its industry members and consumers alike – and there is still significant room for growth.
“The transformation that has occurred is broader than just in conveyancing… many firms have started to adopt digital platforms and other online tools to streamline their processes, communicate with their clients easily, including through online portals, use of CRMs, and digital verification of identity tools,” explains Perry Russell from Keylaw, which recently ticked over the 20,000 settlements milestone.
“Moving forward, we can expect to see further developments in technology and innovation across the sector, and the streamlining of existing technology. The adoption of new technology such as artificial intelligence will improve efficiency and security and will continue to make the process of buying and selling property easier for consumers.”
Queensland going from strength to strength
Property in the Sunshine State is certainly flourishing. 2022 saw it usurp traditional market powerhouses Victoria and New South Wales as the leader for sales nationwide – with this trend continuing across Q1 2023.
And the volume is not just being generated in greater Brisbane – with settlements (and business) booming in regional Queensland, aided by the flexibility of the sector’s digitisation.
“PEXA has put regional firms on equal ground with city firms. Boundaries and locale are no longer as important of a factor as they once were,” shares Kellee Fogg from Whitsunday Law.
This notion has also been observed on the border by Keating Law: “this change has levelled the playing field allowing preferred solicitors with strong relationships with their clients able to assist with matters irrespective of location.”
Casting an eye forward, Clare Eichmann from Spire Law believes the current momentum is a strong sign of greater things to come.
“The future is bright for Queensland. With the collective collaboration of PEXA, Titles Queensland, the Office of State Revenue, Queensland Law Society and legal practitioners, we are working on lots of exciting enhancements to further improve the digital experience. Idealistically, we will be in a completely paperless world within the foreseeable future.”