By Lisa Dowie, Chief Customer Officer
This year, our industry, economy and personal lives have all experienced significant challenges. The beginning of 2020 saw our nation combat one of our worst bushfire seasons, shortly followed by the onset of the COVID-19 pandemic.
In the face of coronavirus, Australia’s residential property market has demonstrated resilience, with the digitisation of property exchange a key factor. In particular, this year, QLD’s digital transformation of property settlements via PEXA accelerated to new heights, ensuring long term durability of the market for the state’s homebuyers and sellers.
In fact, QLD registry data shows that electronic transfer lodgements went from <10% in January 2020 to almost 50% at the beginning of November 2020 – significant growth and a clear willingness to embrace digitisation within the Sunshine State.
This transition to electronic settlements has provided industry with greater transparency, efficiencies and a more streamlined customer experience.
“PEXA removes many frustrations of the paper process and unnecessary touchpoints. For our clients, buying or selling their largest asset can be a nerve-racking experience. We’re generally holding their hands throughout. PEXA enables us to provide our clients with the best service; adding certainty and flexibility to the entire experience”, shared Franki Simmons, Director of KRG Conveyancing.
The initial impact of COVID-19 was evident with PEXA’s inaugural PMI report stating that sale settlements in May 2020 dipped to -24 per cent year-on-year in Queensland. However, since July, sale settlements have surpassed 2019 levels – a comforting trend as we wrap up the year.
Digital transformation in the state has also been reflected in cybersecurity processes for many of QLD’s legal firms. With cybercrime costing Australian businesses $29 billion each year and the threat of email phishing scams increasing exponentially during COVID-19, QLD firms have proactively implemented additional layers of security within their businesses to protect property settlements. This includes the use of PEXA Key, industry’s secure communication channel for account details between practitioners and their clients.
“PEXA Key adds an extra layer of security and resilience to our service. On top of our verbal security checks, clients who use PEXA Key confirm their bank account details again with the app, protecting their investment from potential cyber threats.”, said Stacey Drane, Conveyancing Paralegal at Colwell Lyons Lawyers.
At the heart of all this progress is the unique collaboration between QLD’s industry participants, both public and private – PEXA, its member firms and financial institutions, industry bodies, Land Registry and the Office of State Revenue (OSR). Together, industry is united in its adoption of this critical, Australian infrastructure for the benefit of all homebuyers and sellers.
To learn more about transacting online, contact firstname.lastname@example.org.