Property transactions that once took up to seven days to process can now be completed in real-time through new technology developments by Landgate and Property Exchange Australia (*PEXA).
Landgate has developed a new land registry platform – ‘Land Registry as a Service’ (LRaaS™) that facilitates a modern way of doing business and supports the full suite of PEXA electronic conveyancing transactions.
Landgate Chief Executive Mike Bradford said end-to-end automation had revolutionised the processing of mortgages, discharge of mortgages, transfer of land, caveats and withdrawal of caveats.
“We now have an electronic marketplace for these transactions which meets community expectations by providing efficient services in real time,” Mr Bradford said.
“Eligible transactions lodged electronically through PEXA are being processed by Landgate in less than 30 seconds.
“The LRaaSTM has also enabled reform for the processing of simple and correct paper documents lodged over the counter at Landgate.
“Significant improvements to processing times have been achieved by converting the information into a digital format.”
"Landgate is helping to cut the unnecessary delays and red tape that people buying and selling property encounter," said Marcus Price, PEXA’s Chief Executive Officer.
“The entire Western Australian property industry is eyeing an exciting digital future now that property transactions are moving online. Landgate’s electronic marketplace enhancement will bring real estate consumers a better experience, reforming the national $6.5 trillion residential property market – Australia’s largest single asset.”
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Notes to Editors
Landgate is Western Australia’s primary source of land information and geographic data, providing the accuracy government, business and individuals rely on.
PEXA is transforming the way property is transacted. These historic changes are on par with the introduction of the Australian Stock Exchange (ASX), EFTPOS and online banking. Similarly, PEXA is bringing an online exchange for financial institutions, lawyers, conveyancers and land registries to complete property settlements. Funds settle through the Reserve Bank of Australia.
The call to take property transactions online is borne out of the e-conveyancing initiative of the Council of Australian Governments – the nation’s peak intergovernmental forum – and collaboration of legal, conveyancing and banking peak bodies. PwC’s Digital Property Report cites key opinion leaders calling to bring conveyancing into the digital era. PEXA’s shareholders comprise Australia’s largest state governments, major banks, Macquarie Bank, the Little Group and Link Group.
For more information, please contact:
Contact: Karen McPherson, Media and Ministerial Adviser
Phone: +61 (0)8 9273 7514 +61 (0)407 420 255
