Story image

Queensland property market finally welcomes the digital age

18 Dec 15

The $864 billion dollar Queensland property market has said hello to the digital age in order to bring people a better experience and maximise one of Australia's best assets.

PEXA, a property exchange network, has been established in Queensland to enable lawyers, banks and land registries to collaborate online rather than travel to settlement rooms to finalise transactions.

The network offers an alternative to manual, paper-based property settlements - properties are exchanged via a secure platform with final funds settling through the Reserve Bank of Australia.

PEXA is supported by the Queensland Government with direct transaction participation by the Land Titles Office and Office of State Revenue, according to a statement.

The push to take property transactions online is a Coalition of Australian Governments’ (COAG) reform to bring property exchange into the digital economy, although the Queensland Government laid the early groundwork by digitising its land titles office many years ago.

Queensland is now a part of the digital change that is bringing the legal industry, financial institutions and the land registry together so that they can efficiently and virtually interact, according to a statement.

Liz Goli, Queensland Treasury commissioner of state revenue, says the PEXA innovation aligns with the Queensland Government’s GoDigitalQld strategy, encouraging the use of digital technologies by government agencies, business and individuals.

“The GoDigitalQld strategy fosters and creates business opportunities that support economic growth and ultimately improve the lives of Queenslanders,” she says.

Marcus Price, PEXA CEO, says there is a better way after 160 years of transacting property using a past era process.

“The $6 trillion residential property market is Australia’s largest single asset class and a national wealth generator. It’s too important to be held back from going digital,” he says.

“Many lawyers undertaking conveyancing are already scanning documents and deploying practice software and other online solutions.

“PEXA is helping businesses to build their online presence with the necessary training to confidently use the network. Over coming months we expect many firms will modernise their practice by turning to e-conveyancing.”

MNF Enterprise brings calling to MS Teams
Businesses can now use Microsoft Teams for local and international phone calling from their computer or device.
Survey reveals CX disconnect is risky business
Too much conversation and too little action could lead companies to neglect, lose, and repel their very lifeblood, according to Dimension Data.
Should AI technology determine the necessity for cyber attack responses?
Fujitsu has developed an AI that supposedly automatically determines whether action needs to be taken in response to a cyber attack.
Microsoft Azure ExpressRoute launches in Perth
This new ExpressRoute location will offer Perth organisations a direct and private connection to their Microsoft cloud services.
NEC concludes wireless transport SDN proof of concept
"Operation and management of 5G networks are very complicated and require automation and closed-loop control with timely data refinement and quick action."
Trend Micro’s telecom security solution certified as VMware-ready
Certification by VMware allows communications service providers who prefer or have already adopted VMware vCloud NFV to add network security services from Trend Micro.
Top cybersecurity threats of 2019 – Carbon Black
Carbon Black chief cybersecurity officer Tom Kellermann combines his thoughts with those of Carbon Black's threat analysts and security strategists.
Avaya introduces private cloud delivery of its UCaaS solution
Avaya is supposedly taking a flexible hybrid approach to the cloud with these new solutions.