$10 billion worth of property has now been exchanged thanks to lawyers, conveyancers, banks and land registries
More than $10 billion worth of property has now been transacted on Australia’s digital property exchange network with funds settling through the Reserve Bank of Australia.
PEXA – Australia’s online property exchange that’s transforming the way real estate is transacted – went live in mid-2013 and today supports multiple transactions comprising refinances, standalone mortgages, discharges, transfers and caveats.
Marcus Price, PEXA CEO congratulated the groundbreaking work by lawyers, conveyancers, financial institutions and land registries that’s resulted in $10 billion worth of property being transacted online.
“PEXA is delighted with the network growth to date. To further accelerate transactions PEXA has rolled out a free support service - a business equivalent of a 'personal trainer' - that guides lawyers and conveyancers through their first 10 online property transfers so that over time they can confidently transact online as they have done for decades with internet banking and other forms of ecommerce,” he said.
“Recently announced land registry digital reforms will be another factor attracting more financial institutions to transact online and, ultimately, prompt more practitioners to take their business online.
"Property transactions are one of the last major financial dealings to come into the digital era. Thanks to banks, conveyancers and lawyers that are now taking property transactions online we’re witnessing the beginning of the transformation of the conveyancing industry that will ultimately reform Australia’s $6.4 trillion residential property market.”
Media enquiries: PEXA Corporate Affairs Director, Kerrina Lawrence, 0434 198427
PEXA at a glance:
A digital platform for completing online lodgement and property settlements retiring the final bastion of paper-based transactions.
Conveyancers, lawyers, banks and land registries interact, collaborate and share information
Buyers no longer need to purchase bank cheques, alleviating a last minute rush to arrange cheques and settlement delays when printed cheques contain errors
PEXA integrates into state-based land registries’ databases. Funds settle through the Reserve Bank of Australia
Property sellers' funds can be banked in hours rather than days compared with paper settlements*. Ownership can be transferred in days not weeks.
43 financial institutions are active or joining PEXA including the four major banks
More than 2,700 legal and conveyancing firms are active or joining PEXA
The Australian housing market is Australia’s largest asset class, worth over $6.4 trillion
* The seller may have access to cleared funds in their account on the day of settlement depending on the bank or institution they bank with.
More information can be found at a www.pexa.com.au
How does Property Exchange Australia (PEXA) work?
PEXA is transforming the way property is transacted. These historic changes are on par with the introduction of the Australian Stock Exchange (ASX), EFTPOS and online banking. Similarly, PEXA is bringing an online exchange for financial institutions, lawyers, conveyancers and land registries to complete property settlements. PEXA is backed by Australia’s largest banks, governments and commercial enterprises as it spearheads this major digital reform.
PEXA (Property Exchange Australia) 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, the four major banks and state land titles’ offices 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.