Property transfers are increasingly moving online as two more states are added to the new e-conveyancing network. Faster settlements will soon be available to more Australians, with the country’s new electronic conveyancing network being added to two more states. PEXA, the government agency that is overseeing the rollout of a national platform, is currently working with the WA market to oversee initial transfer transactions for processing. The agency also announced that caveats and settlement notices are now live for Queensland – although there’s a hold-up with the Revised Duties Act still before the state’s parliament.
- 1,500 plus practitioners (lawyers, financial institutions and conveyancers/settlement agents) are active or joining
- 24,000 plus nationwide transactions and growing daily
- Almost $1.5 billion in property value has been transacted through PEXA
- 97% of banks and financial institutions by market share will have joined by the end of 2015