Property exchanged online surges past $20 billion
Three short years ago the PEXA network welcomed its inaugural member, the Commonwealth Bank of Australia, who completed the first ever PEXA transaction – a discharge of mortgage in Victoria – through the platform.
Since then, more than $20b in value has been transacted through PEXA courtesy of the 83 banks and financial institutions and 2600+ legal and conveyancing firms that have already joined the network.
The unprecedented level of interconnectedness shared by members of Australia's e-Conveyancing community is testament to the incredible work of the land registries, financial institutions and legal and conveyancing peak bodies in moving the industry towards a 100% digital future.
It’s extraordinary to reflect on the past few years and the breadth of industry-led change we’ve witnessed to get to this point. From the introduction of legislation to enable property transactions to be completed electronically through to updates to the Contract of Sale, the dawn of digital verification of identity options and the launch of e-contracts, the industry has truly come together in support of a digital future.
In fact, just recently the PEXA community welcomed its fifth state - South Australia - to the network.
In advance of the launch, nearly half of all property lawyers and conveyancers in that state pre-joined the network, such was the appetite for a fast, safe and efficient means of transacting property.
This enthusiasm was shared by South Australia’s Registrar General Brenton Pike who recently pondered on the natural progression of industry towards a digital future, stating:
“Property transactions are one of the last major financial dealings to be disrupted by technology. Decades ago share trading and internet banking went online. Even the next national Census is going digital. Now it’s the property market’s turn”.
When reflecting on just how far we’ve all come, I’m most proud of the sense of comradery members of the PEXA community share. Andrew Rothfield of Glenferrie Conveyancing put it best when he said “Good conveyancing is about dealing with your own client, but the other benefit is dealing with other parties as peers. PEXA users treat each other like friends”.
It’s that kind of feedback that drives the team at PEXA to continually seek new and better ways to help your e-Conveyancing community realise its potential.
So thank you to Andrew and indeed the entire e-Conveyancing network. You are driving change that stands to improve the way property is transacted in this country – an incredible achievement and one to be proud of. Well done.
Marcus Price, CEO
Property Exchange Australia (PEXA)