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Discipline shown with settlements

PEXA CEO Les Vance (left) and Nicky Davies (centre) at the recent DLA Presidents workshop. Photos: Natalie Gauld

Queensland practitioners continue to lead the way in improving on-day settlement efficiencies, according to PEXA’s CEO Australia Les Vance.

Les recently addressed the DLA Presidents’ Workshop in Brisbane and gave a State of Play – Queensland presentation.


Les Vance set out the state of play in Queensland.

He touched on several trends including population and migration, housing, interest rates, as well as emerging topics such as the removal of bank cheques and money laundering changes.

“Where there is a bank is involved, we are finding about 84 per cent of those expected to settle at the start of the day, settle,” he said.

“And banks have been doing a lot of work in terms of engaging with solicitors and conveyancers to make sure the requirements are known, and that rate has increased significantly.

“Queensland numbers are basically in the pack. On the other side is where the disciplines you have as a practitioner group up here really starts to come through. This is the situation where there isn’t a bank involved … You have a bigger proportionate of these transactions than elsewhere.

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“Up here you maintain that discipline. If it is going to move, the communication and engagement everyone knows it’s going to move with the same frequency as if a bank is involved.

“On the other hand in the southern states it’s about 10 points lower, so that same discipline of communication rescheduling and communication back to point, isn’t being shown there, which I think is a credit to the profession up here.

“This is a good reflection on the discipline you have as a profession up in Queensland.”

From a macro-economic overview, Les says “overall it’s feeling pretty tough”.

“The numbers back that up. We are not technically in a recession but it feels like it.”

He said Queensland continued to attract people and the average house price was growing faster than other states.

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Legal Aid Queensland CEO Nicky Davies, and President’s Medal winner, also spoke to the group about the challenges of recruiting staff in regional areas and the strategies to address the issue.

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