South Australia’s first digital year
Twelve months ago, digital property settlements landed in South Australia on 4 July 2016. The state’s enthusiasm for online transactions hasn’t wavered since, as Penny Erskine, CEO of Conveyancing Matters proves while she reflects on South Australia’s inaugural year of digitised property transactions. This is further amplified by South Australia’s Registrar-General, Brenton Pike as he relays some powerful insights for the future.
“PEXA has been a game changer for our industry!”, Penny exclaims. “I’m proud to say that Conveyancing Matters was the first SA firm to lodge a caveat and to settle property online”
Alongside 200+ peers in South Australia, Penny and her team benefit from the many efficiencies PEXA has to offer. They’re no longer required to spend hours on the phone to banks, assured of timely settlements, direct funds transfers and one of Penny’s favourite benefits… no more settlement room chaos on a Friday at the Land Titles office.
“My office is two minutes from the Land Titles Office and our preference is still to settle electronically. PEXA has saved time and increased our office efficiency. With automatic online document checks, electronic settlement and direct payment to clients’ accounts, often 10 minutes* after settlement - imagine what you could do for your business with all that extra time!
Our strategy is to continue settling electronically, knowing it will further enhance our business performance.
I promise you, you don’t need to be tech-savvy. It really is simple, and the PEXA team is supportive and ready to guide you through the system.”
As transformation timelines to 100% digital property transactions loom, it’ll soon be the norm across Australia. It won’t be long before South Australia expands its transformation reach. Registrar-General, Brenton Pike shares his view on this natural transition, after a successful first year in South Australia.
“It’s been a pleasing start for South Australia, driving the initial uptake of electronic conveyancing. My main focus now is to deliver efficiencies for the industry by increasing the scope of dealings available through PEXA. As the scope expands and South Australia reaches a natural tipping point, further mandating will certainly be considered.
Stakeholders should ready themselves for a fully electronic market and I would be interested to hear from industry practitioners of any barriers that may exist as we transition from paper to electronic.”
As South Australia strides into its second year of online property transactions, the spotlight is on the industry as it brings digital transactions into focus. If you haven’t completed an online transaction yet or would like to register to start using PEXA, you can contact the PEXA Support team or Daniel Roesler at Daniel.Roesler@pexa.com.au.
*Timing will vary depending on the property seller's bank.