Online property exchange transactions hit $20 billion

More than $20 billion in value has been transacted through Property Exchange Australia since it went live in Victoria in June 2013, and then expanded to include most states in Australia. The PEXA network allows property transactions to be completed electronically from start to finish.

PEXA CEO Marcus Price said the progress was testament to the work by land registries, financial institutions and legal and conveyancing peak bodies “to move the industry towards a 100 per cent digital future.”

The demand for the network’s services has varied according to size of state and length of time as a PEXA member. For instance, the biggest states (Victoria, NSW and Queensland) have all been on the PEXA network since 2013. WA joined in June 2015, while SA joined just a month ago.

Most of the transaction volume has been sourced from NSW (A$9.51 billion), well ahead of Victoria ($6.75 billion) and Queensland ($2.65 billion).

As for the few remaining local regions, a spokesperson confirmed PEXA “is in detailed discussions” with the Tasmanian government, aiming to launch PEXA in that state in late 2017.

PEXA is also working with the Territories to confirm a release schedule.

So far 83 banks and credit unions – including all the majors, and more than 2600 legal and conveyancing practices – have signed up to the e-conveyancing network.

This article first appeared on Banking Day.

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