THE Property Exchange Australia (PEXA) has now completed over two million transactions, a new milestone for the company after the first PEXA deal settled back in 2013.
PEXA reached one million transactions in April this year. Since then, it has taken the company just eight months to double this figure.
Valued at $8.6 trillion, property is Australia’s largest asset class and the digital uptake is being driven by the burgeoning e-conveyancing network, made up of more than 150 financial institutions and 7,500 practitioner firms.
PEXA CEO, Marcus Price said, “When you consider that it took us five years to reach our millionth transaction, and yet, just eight months to reach our second, it is evident that there is strong momentum and a positive shift in mindset around e-Conveyancing. The commitment to embrace change from industry members has been outstanding and this is a fitting way to cap a significant 2018 for the industry.”
Price said the digitisation of property transactions in Australia is ongoing, but this year has represented a major tipping point. Two states, Victoria and Western Australia, committed to processing all available property transactions digitally, in October and December respectively, while New South Wales is set to follow in July 2019.
According to PwC’s Digital Property report into the impact of e-conveyancing using the traditional, paper-based method, conveyancing can take up to 30 days to complete with approximately one in four property settlements delayed, risking financial cost and stress for buyers and sellers.
Australian Property Journal