OVER 100,000 transactions were settled electronically in May via Property Exchange Australia, a 25% jump from the previous month, as more users embrace e-conveyancing.
This latest milestone comes after 1 million transactions were settled digitally on the PEXA platform in April.
Digital transactions have grown from strength to strength with a Compound Annual Growth Rate (CAGR) of 202% (FY2014 to May2018). Much of this growth has occurred over the past year, with PEXA’s May 2018 transfer transactions more than nine times higher than for the same period the year prior, a positive indication of the momentum PEXA and its network is driving on the path to 100% digital.
“This growth is a testament to the industry’s readiness to embrace digitisation. This achievement has far exceeded our projections to date and would not have been possible without the unprecedented collaboration we have experienced across the network,” PEXA CEO Marcus Price said.
The lucrative digital transactions space has attracted the attention of the ASX, which last week announced it will invest $30 million with Infotrack to develop their own electronic property settlement business.
ASX CEO Dominic Stevens said the electronic property settlement industry in Australia is estimated to have potential revenues in excess of $200 million.
Australian Property Journal