Having been involved in the first PEXA transfer in 2014, Paul Denny discusses the growth of the network and the digital future ahead.
After making history by helping complete the first ever PEXA transfer back in 2014, Paul Denny of Paul Denny Conveyancing shared this comment:
“The introduction of electronic settlements is singularly the most significant advancement in technology to benefit the conveyancing profession. This heralds a new era where the problem of things going wrong at the last minute (with catastrophic consequence for those vendors and purchasers simultaneously trying to move house) will be almost entirely eliminated."
Nearly five years and 2.9 million PEXA transactions have passed since that ground-breaking moment, with New South Wales now preparing for an equally significant milestone – all property transactions are moving online in the state from 1 July.
It’s been a lengthy journey, but thanks to network collaboration and support from industry stakeholders, the state has now widely embraced e-Conveyancing.
Having been an early mover in adopting electronic settlements, Paul Denny has seen first-hand how the market has matured to its current digital state.
“At the moment it’s fantastic – we just wish that everyone was on board earlier. When we don’t do a PEXA settlement now, it’s a real hassle.”
“Looking back to the old method, in retrospect, it’s so archaic. Now that people are on board, it’d be extremely difficult to go back to the way it used to be done.”
A vastly experienced professional with over 40 years accumulated in the property industry, Paul’s seen a false dawn or two when it comes to change. He’s long been an advocate for progress and is now relieved to see NSW make this digital switch.
“We definitely appreciate the complexities of getting this off the ground and working. I can look back to 1993 when I first heard word that we’d have digital settlements within a year. Of course, that didn’t happen and it’s since been 20 years, but we got there eventually!”