e-Conveyancing is transforming Australia’s $6.7 trillion property market into a paperless electronic environment
Property Exchange Australia’s (PEXA) digital conveyancing push has catapulted it to a top five ranking in Deloitte’s ‘Tech Fast’ 500 Asia Pacific companies’ list thanks to stellar 7,116% revenue growth.
Awardees are selected for the Technology Fast 500 ranking based on percentage fiscal year revenue growth over three years. PEXA is recognised as the fifth fastest growing technology company in a region spanning China, Japan, South Korea, Hong Kong, Malaysia, New Zealand and other countries.
PEXA’s CEO Marcus Price credited the rapid rise in the Tech Fast 500 ranking to the collaboration of banks, credit unions, mutuals, conveyancers, lawyers and land registries which have hastened taking property transactions online in a bid to remove consumer pain points common with traditional paper settlements.
“In just a few years since PEXA’s inception – borne out of a COAG initiative to bring conveyancing into the digital economy – a burgeoning e-Conveyancing community is giving pen and paper settlement processes the flick, ushering in a better experience for property buyers and sellers,” he said.
“With a network currently supported by five state governments, 107 financial institutions and 3,400 legal and conveyancing practitioners, Australia is one step closer to paperless conveyancing.
“There’s been little innovation at the settlement phase of buying a property since Sir Robert Torrens revolutionised how titles were exchanged 150 years ago. Now the e-Conveyancing community is transforming Australia’s $6.7 trillion property market into a paperless electronic environment in sync with other 21st century e-commerce transactions including internet banking and online share trading.
“Several land registries have unveiled their respective roadmaps designed to hasten the move to 100 per cent digital property transactions. A large number of property transaction dealings will move online in 2017. Notably, NSW this year announced its plan to phase out paper conveyances by 2019.”
PEXA at a glance:
- A world-first digital platform for completing online lodgement and property settlements
- Conveyancers, lawyers, banks and land registries interact, collaborate and share information
- Banishes cheques, postal services and attending settlement in person
- PEXA integrates into state-based land registries’ databases
- Property sellers’ funds can be promptly banked. This contrasts with waiting days for cheques to clear
- The value of property to date transacted on PEXA’s network exceeds $32 billion
PEXA evolved from a 2010 Council of Australian Governments’ mandate to deliver a national e-Conveyancing solution in collaboration with the Australian Bankers’ Association, the Australian Law Council, the Australian Institute of Conveyancers and the four major banks to reform a paper-based settlement system dating back to the 1850s. PwC’s Digital Property Report cites key opinion leaders calling to bring conveyancing into the 21st century