Australia’s emerging electronic conveyancing network has recorded a new milestone after another state made its first online property transfer.
PEXA, the government agency that is overseeing the rollout of the national system, said Victoria has now joined NSW in moving conveyancing from paper to the internet.
The landmark transaction was completed in late February by conveyancing firms Sargeants Port Phillip and Jim's Property Conveyancing. NSW processed its first online transfer in late November.
PEXA said more than 700 firms across Australia have either joined or are in the process of joining PEXA, with Queensland and Western Australia the next states to come on board.
PEXA chief executive Marcus Price told Real Estate Business that e-conveyancing was the biggest change to the property industry since the land title system was introduced 120 years ago.
“Real estate agents will have a lot more information at their fingertips, they’ll get paid a lot sooner and they’ll be able to provide a lot more visibility to their clients about what’s going on,” Mr Price said.
“I think online property transfers will become as common as internet banking. We can even see online real estate agents doing online auctions, and they’ll be back-ending the settlement process as part of their solution.”
Mr Price said he expected all of Australia’s leading lenders to be registered with PEXA by the end of the year.
“We’ve already got 12 institutions, including the four major banks,” he said. “We’ve got 80 per cent of the market by transaction volume already. We expect that number to be 96 per cent by the end of this year.”