New technology transforms Australia’s housing apartment industry as the first property transaction recently took place online, forgoing any need for a paper trail.
Pace Development Group (PaceDG), who designs, constructs and sells apartments in Melbourne’s inner urban hot spots took the technological plunge into the future, becoming the the first developer to exchange properties online through the PEXA Developer solution.
The system involves deploying artificial intelligence – or intelligent technology – to reduce the time property professionals spend keying in data.
Boutique Conveyancing Pty Ltd – PaceDG’s in-house settlement arm – is spearheading the push to settle property online and confirmed that 28 of the PaceDG’s Windsor-based George Windsor apartments settled on Property Exchange Australia’s (PEXA’s) digital platform.
“At any one time we have about 800 apartments in the planning, building and settlement pipeline. Delayed settlements are very stressful and have costly repercussions for home-buyers waiting to move into their new homes. By settling online in a transparent manner, we hope to be able to eradicate this issue in the future,” Boutique Conveyancing Director Roslynne Brodie said.
“With high demand for new homes it’s time, as an industry, that we let go of our former reliance on printing and filing vast amounts of paper documents and manually keying data for projects comprising several hundred apartments. Electronic transfer of funds is also a good fit with our plans to reduce our environmental footprint.
“The current way of meeting at settlement rooms in the CBD at 2pm is a disaster and antiquated. Property settlements fall over for the simplest of reasons caused by manual errors," she said.
“Going online means that we obtain a project wide view and status snapshot of the participation of all parties to the transaction. Plus we’re no longer plugging away for hours with the tedious and time-consuming task of manually entering data. By signing multiple deals electronically we dramatically reduce substantial data re-entry.”
PEXA CEO Marcus Price said the PEXA Developer solution will be a breakthrough technology for large scale property projects.
“Online property exchange is streamlined and efficient and the new standard for the fast-paced property development industry. Banks, lawyers and conveyancers acting for developers can promptly exchange properties online with funds securely settling through the Reserve Bank of Australia,” he said.
"Clever technology mimicking robotics creates a bridge between PEXA’s systems and the data that legal representatives acting for developers will need to upload for settlement.
"Importantly, there’s no need to modify their systems. This reduces the need to rekey data into PEXA saving time and minimising errors.”