An update on interoperability and market structure Australia’s adoption of digital settlements is the most significant development within the property industry in 150 years. Since 2014, more than 7.5 million transactions have occurred via PEXA, and today, more than 80% of all property transfer settlements in Australia are processed electronically on the platform. As a result of this digital-first focus, the Australian property sector has been able to continue to operate throughout a challenging and ‘contact free’ 2020. In fact, the market Australia-wide has gained considerable momentum post the lifting of COVID-19 restrictions, 8
generating year-on-year sales growth. The state and territory governments that regulate e-conveyancing have committed to make some changes to accelerate competition. Known as ‘interoperability’, the changes seek to make it possible for competitors to enable clients to participate in transactions. Governments and industry are working together to develop national interoperability specifications for current and future Electronic Lodgement Network Operators
