Impact of e-Conveyancing on the conveyancing industry
Generating $89 million in net benefits
In a report for PEXA, Deloitte Access Economics has analysed the current experiences of practitioners using an electronic conveyancing system and estimated the potential benefits to the industry under a 100% digital process.
The conveyancing industry is undergoing a digital transformation with the national roll-out of an e-conveyancing system. This system allows practitioners, financial institutions, and government bodies to lodge documents and complete settlements electronically. This is part of a broader digital transformation underway in the Australian economy.
Deloitte Access Economics was engaged by Property Exchange Australia (PEXA) to analyse the current experiences of practitioners using the electronic conveyancing system, and estimate the potential benefits to the industry under a 100% digital lodgement and settlement process.
This report analyses the impacts of electronic conveyancing as the industry undergoes digital transformation:
- Practitioners only realised an estimated $3 million in benefits in 2016-17
- Transition costs of around $0.7 million and a take-up rate of 2% means that some practitioners are not fully realising these benefits
- The industry is likely to experience around $89 million in net benefits from a 100% digital lodgement and settlement process in 2021-22.
Published: May 2018