Property Exchange Australia (PEXA) has been recognised as one of Australia’s most innovative companies for its emerging electronic conveyancing network.
PEXA was recently named one of BRW’s 50 Most Innovative Companies and won two awards for Best Overall Innovation and Best Model Innovation.
Established in 2010 to fulfil an agenda item of the Council of Australian Governments to deliver a national e-conveyancing solution to the Australian property industry, PEXA’s online platform has been successfully implemented in New South Wales, Victoria, Queensland and Western Australia.
In addition to the four state governments, PEXA is also backed by the four major banks, Macquarie Capital, and property companies Little Group and Link Group.
PEXA chief executive Marcus Price said that while the $6 trillion property market represented Australia’s biggest asset class, it had been held back by an out-of-date transactional process.
“With four state governments, 30 financial institutions and a growing number of practitioners including national and state-based arms of the Institute of Conveyancers, law societies and land registries behind PEXA, we now expect most property transactions will be online by 2019,” he said.