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More than $20 billion in value has been transacted through Property Exchange Australia (PEXA)

Momentum is building to give pen and paper property exchange the flick with 83 banks and credit unions and 2600+ legal and conveyancing practices signed to PEXA, Australia's e-Conveyancing network.

PEXA CEO Marcus Price said this remarkable progress is testament to the incredible work by land registries, financial institutions and legal and conveyancing peak bodies to move the industry towards a 100% digital future.

It’s extraordinary to reflect on the past few years and the breadth of industry-led change we’ve witnessed to get to this point,” Marcus said. “From the introduction of legislation to enable property transactions to be completed electronically through to updates to the Contract of Sale, the dawn of digital verification of identity options and the launch of e-contracts, the industry has truly come together in support of a digital future”.

Earlier this month, the PEXA community welcomed its fifth state - South Australia - to the e-Conveyancing network. Nearly half of all property lawyers and conveyancers in the state had signed to the network by early July, demonstrating the appetite for a fast, safe and efficient means of transacting property.

This enthusiasm was shared by South Australia’s Registrar General Brenton Pike who recently pondered on the natural progression of industry towards a digital future, stating:

Property transactions are one of the last major financial dealings to be disrupted by technology. Decades ago share trading and internet banking went online. Even the next national Census is going digital. Now it’s the property market’s turn”.