PEXA users help realise COAG's vision for a true national e-Conveyancing network
Developed by Property Exchange Australia Ltd (PEXA) in response to a Council of Australian Governments (COAG) initiative, PEXA is the first platform worldwide to allow for electronic property exchange and financial settlement.
In June 2013, PEXA launched into the market with the Commonwealth Bank of Australia and Land Victoria. At the time, PEXA CEO Marcus Price said:
“This is an important milestone for PEXA on its way to creating a truly national property exchange. It’s the first in a sequence of installations planned for the next 12 months with our focus now on bringing the Queensland and Western Australian Land Registries and remaining major banks on board”.
Fast-forward four years and there are now 115 Financial Institutions and more than 4000 legal and conveyancing firms on-board, with in excess of $40b in property value having already been transacted through the platform; testament to the incredible efforts of the whole network.
In PEXA’s recent ‘This Digital Life’ podcast, Mr Tanner offered his view that all parties “should be constructively contributing to shaping the outcome rather than sitting on the sidelines”; a sentiment reflected across industry with the numerous peak bodies, government departments, early adopters and pioneering financial institutions all coming together to help define how property transactions are best handled in the digital age.
This collaboration hasn’t gone unnoticed. As Mr Tanner highlights: “It’s to the great credit of all the parties involved that so much progress has been made”.
To read more about each state’s progress towards a digital future for property transactions, click the relevant links below: