ISCOVER
The online property exchange platform has launched in the Northern Territory to complete its national network after passing a $1 trillion milestone in the number of transactions processed annually.
Online property settlement exchange PEXA has launched in the NT to complete its nationwide network.
The expansion comes as the value of Australian property transactions processed through PEXA’s platform surpassed $1 trillion annually for the first time.
The NT rollout begins with digital mortgages, discharge of mortgages and refinancing, with sale and purchase functionality to follow over the next 12 months. PEXA is targeting 100 per cent digital transactions for the territory by the end of 2026.
The launch follows a period of expansion at PEXA, including a recent launch in Tasmania, which contributed to the trillion-dollar transaction milestone.
Major lenders and government organisations from the territory have joined the exchange, aiming to benefit from the shift from paper-based transactions to an electronic process.
PEXA CEO Russell Cohen said the move cemented PEXA’s position as the leading digital property settlement platform.
“Today represents the fulfilment of PEXA’s promise to Australia – a truly national, digital property settlement solution,” Cohen said.
“Being entrusted to facilitate and protect $1 trillion worth of Australian property transactions each year demonstrates how integral digital settlements have become to Australia’s property ecosystem.”
Since its inception in 2013, PEXA has facilitated more than $5 trillion in property settlements and connects over 10,000 legal practitioners and 160 financial, government, and statutory bodies across Australia.
PEXA under scrutiny
In May, PEXA came under pressure after it experienced a “technical issue” impacting mobile signatures, with some critics calling for more competition in e-conveyancing.
PEXA confirmed the issue had resulted in some delays and reschedules, but estimated that it was less than 10 per cent of settlements during that period. It also claimed it was not aware of any settlements being missed as a result of the issue.
Reflecting on the problem, a spokesperson for e-conveyancing platform Sympli said: “These outages are becoming all too frequent – the recent outage Friday, 16 May disrupted property settlements across Australia for at least 3 hours. This put enormous pressure on industry and home buyers who were waiting for settlement to move into their new homes.
“This is more than a technology failure; it’s one that significantly impacts the lives of everyday Australians.”
The issue came amid ongoing scrutiny of PEXA’s monopoly on the e-conveyancing market and just days after it was announced that the number of players willing to challenge PEXA’s position via the interoperability regime had shrunk.
The NSW government is currently conducting an inquiry into competition in e-conveyancing, looking into the development of a competitive market and addressing potential monopolies, particularly concerning PEXA.
The inquiry is being led by the select committee on competition reforms in electronic conveyancing, which was established by the NSW Parliament.
[Related: E-conveyancing competition calls intensify after PEXA ‘issue’]
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