After being adopted in Queensland recently, PEXA, which stands for Property Exchange Australia is expecting to grow tremendously in 2016. While speaking to Aussie Lawyer Blog, Marcus Price, who happens to be the CEO at PEXA, said that by turning to e-conveyancing, he expected many law firms in Australia to modernize their practice by the next few coming months. Mr. Price said that already he was aware of lawyers who were undertaking conveyancing and right now you will find them deploying various types of relevant online solutions like practice software. “They are also scanning their documents in advance to be a step ahead,” said Mr. Price.
As a matter of fact, it is very important to hold back the residential property market valued at $6 trillion, from going digital because it serves as a national wealth generator and it is also regarded as the largest single asset class in Australia. On the other hand, lawyers also proved that they needed convincing around the confidence and integrity of the system because in 2015, the buying and selling digital platform for property faced massive resistance considering the fact that it was launched in 2014. In order to make electronic conveyancing available to lawyers, GlobalX Legal Solutions which is a technology company, decided to become the first sponsor to integrate with PEXA in November.
“Since we are already in 2016, the GlobalX Legal Solutions is preparing to boost its support and training programs for law firms in Australia,” said the company’s CEO Peter Maloney. In order for legal practitioners and firms to decide the best way forward, Mr. Maloney suggested that it was equally important for law firms and legal practitioners to be well-familiarised with the technological trends in the legal industry and have a clear understanding of how they operate. In addition, he said that GlobalX Legal Solutions had discovered very promising data on the willingness for the legal industry to move hand in hand with technology.
Thanks to the agreement that was signed between PEXA and the Queensland government on 18 December, now PEXA’s national rollout is doing very well, with the system live in Queensland, Western Australia, New South Wales and now Victoria. “I believe that PEXA’s innovation is in line with our government’s ‘GoDigitalOld’ strategy, focusing in improving the use of digital technologies by our government individuals, businesses and even agencies,” said Liz Goli who is the current Commissioner of state revenue, Queensland treasury.
On 21 December, the Queensland Law Society welcomed the first electronic property transaction in Queensland, following the adoption of PEXA. She also said that the GoDigitalOld strategy should be embraced by all Australians because it creates and fosters business ventures that ultimately improve their living standards while encouraging economic growth at the same time. “Although nowadays young lawyers expect everything on their smartphones, they can still be more productive within the business when they decide to provide more flexible working solutions,” said Liz Goli.