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Hi-tech property exchange fuels Australian jobs growth

Announcement posted by Property Exchange Australia 12 Apr 2017

PEXA’s rapid evolution from a start-up to a fully-fledged network business has seen it quickly emerge as a critical tech sector innovator. It now employs more than 200 employees

Online Property Exchange Australia (PEXA) is boosting high tech jobs growth and transforming the nation’s $6.9 trillion residential real estate market by digitising conveyancing to make buying and selling homes a whole lot easier for the public^.

PEXA’s rapid evolution from a start-up to a fully-fledged network business has seen it quickly emerge as a critical tech sector innovator. It now employs more than 200 employees who are helping the mortgage lending and conveyancing industries to take property transactions online. The value of property today transacted through PEXA’s e-Conveyancing network is nearly $44 billion.

Speaking at the opening of its new Melbourne-based Docklands headquarters PEXA CEO Marcus Price said the national e-Conveyancing network rollout is creating employment opportunities for tech and real estate industry experts who are helping lenders, lawyers and conveyancers transition to secure, simple and fast digital property transactions.

“Australia is internationally renowned for being an early technology adopter because of the consumer benefits that online apps and services bring the public in this computer age. A growing number of companies are now heading online to adapt and remain relevant. PEXA is guiding them through this change ahead of imminent regulatory changes that will 'turn off' paper transactions,” he said.

Victorian Treasurer Tim Pallas formally opened the new headquarters congratulating PEXA for joining the growing list of technology companies with a large presence in Melbourne that now includes Zendesk, REA Group, Carsales, Envato, Odecee, Xero and MYOB to name just a few.

“PEXA – borne out of out of a successfully implemented intergovernmental reform to bring conveyancing into the digital era – is exactly the kind of innovation that is growing Victoria and the nation’s high tech economy. Online settlement will mean greater efficiencies for everyone involved,” the Treasurer said.

“This includes almost 4,000 digital-ready lenders, lawyers and conveyancers who have joined PEXA’s national network through to property buyers and sellers. PEXA is a great example of a successful business that fuels one of Australia’s main economic wealth generators – the $6.9 trillion property market. This industry is too important to be held back from entering the digital era.”

PEXA is globally recognised as the 5th fastest growing technology company in the Asia Pacific region after recently catapulting up Deloitte’s tech leader board.

^Annually several hundred thousand Australians buy and sell property. According to the PwC Digital Property Report, one in three are stressed with 20 per cent facing settlement delays.

PEXA at a glance:

  • - A national digital platform for completing online lodgement and property settlements
  • - 115 lenders and 3,805 legal and conveyancing firms are active or joining PEXA to collaborate and share information online
  • - Buyers no longer need to purchase bank cheques, alleviating a last minute rush to arrange cheques and settlement delays when printed cheques contain errors
  • - Funds securely settle through the Reserve Bank of Australia
  • - Property rates and utility payments are paid online instead of via cheques
  • - Home sale funds can be banked in hours rather than days compared with paper settlements (depending on the financial institution that the seller banks with)