The percentage of property sales that successfully “Settled First Date” (SFD) has held firm nationally during Q4 2022, according to the latest On-Time Settlement Report published by PEXA today.
The analysis found that lenders in Australia successfully settled 88.1% of property sales on the first date via the PEXA Exchange in the December 2022 quarter – a traditionally busy period for the property industry. This result was up 2.9% on the corresponding time period in 2021.
Additionally, practitioners (lawyers and conveyancers) achieved an SFD of 87.3%, similar to the prior quarter.
Driving improvements for consumers
The On-Time Settlement Report has been developed to drive the optimisation of the settlement experience for all stakeholders involved in a property transaction – particularly home buyers.
SFD measures the percentage of total sale settlements for each participant group that successfully settled on the scheduled day via the PEXA Exchange. The metric is designed to align with buyers’ expectations of taking possession of their new property on the agreed settlement date.
Queensland leads the way
For the second consecutive quarter, home buyers in Queensland had the timeliest settlement experience, with lenders in the state recording an average SFD of 90.4% and practitioners posting an average SFD of 90.2%.
Victoria (88.2% SFD) edged out New South Wales (88% SFD) for second place – with the three biggest states for volume nationally occupying all podium places.
Amongst lenders, Foreign ADIs performed the strongest nationally, achieving a strong SFD of 91.2%.
Les Vance, PEXA’s Chief Customer and Commercial Officer, said: “We’re pleased to see strong, ongoing industry engagement. Ultimately, it’s about driving awareness, encouraging positive change and delivering superior outcomes for Australian consumers – and that’s what we’re continuing to see within the sector.
“On the back of a two percent SFD increase in the September 2022 quarter, to largely retain these gains in what is a period of seasonally high settlement volumes is a great indicator that the progress we’re seeing is being sustained.
“Importantly, it means more and more consumers nationally are benefitting from a more timely, seamless property experience – something we’re always seeking to foster. We look forward to further improvements throughout 2023, together with lenders, lawyers and conveyancers.”
To access the report, please click here.
