FOR IMMEDIATE RELEASE
Sydney, Australia – 06/03/2024 – Leading figures in Australia’s legal and property sectors are calling for urgent action on competition in e-conveyancing as the Australian Senate inquiry into the PEXA monopoly nears its next stage. Yesterday’s industry webinar brought together over 250 legal professionals, conveyancers, and industry leaders to highlight the risks of a monopoly in digital property settlements and to urge government intervention before it’s too late.
With over $800 billion in Australian property transactions processed through a single private entity, experts warn that the lack of competition is not only stifling innovation but also creating significant risks for property buyers and sellers. The discussion underscored the pressing need for competition in e-settlements, citing examples of system failures that left Australians stranded on settlement day with nowhere to go.
Industry Leaders Sound the Alarm
Lee Bailie, Head of Property at InfoTrack warned that without industry-led reform, the market will remain dictated by a monopoly. “If we do not shape the future of eSettlement, it will be shaped for us. The industry is crying out for choice, but regulatory inaction is allowing an unchallenged monopoly to persist,” he said.
David Jones, Counsel & Business Manager at Baker McKenzie, reinforced the need for competition. ““It has taken a while for the firm to adjust to a new [e-conveyancing] system…and part of the issue that we’re talking about today is we’re well entrenched now in that system. And so, the obvious thing is competition in this space will make these sort of services better.”
Jared Zak, Founder, Dott & Crossitt Conveyancers & Solicitors, described how rising costs and a lack of alternatives are harming both professionals and consumers. “PEXA’s fees rise every year, while conveyancers face increasing downward pressure on pricing. We are forced into a race to the bottom, limiting our ability to invest in talent and innovation,” Zak said.
Ann Blannin-Ferguson, Licensed Conveyancer, ABF Conveyancing, echoed these concerns. “E-conveyancing was meant to streamline our work, and while it has delivered efficiencies, we are now trapped. We have no competition, no recourse when things go wrong, and we’re expected to bear the burden of rising costs while maintaining professional standards.”
The Case for Competition and Senate Action
Industry experts agree that the solution is simple: true competition through regulatory intervention. The webinar highlighted the need for a level playing field, ensuring that new e-settlement providers can operate and integrate seamlessly with existing processes—just as Telstra and Optus did in telecommunications.
Philip Joyce, CEO, Sympli, stressed that monopolies in digital services are not natural. “No economic theory supports monopolies outside of essential infrastructure like railways. A competitive eSettlement market will drive innovation, reduce costs, and create much-needed resilience,” Joyce stated.
With the Senate inquiry into e-conveyancing regulation set to report in September, industry figures are urging legal professionals, property experts, and businesses to make submissions and advocate for reform. The fear is that without regulatory action, PEXA’s monopoly will continue to expand into adjacent markets, further reducing choice and increasing costs.
Call to Action: Industry Collaboration Needed
The webinar concluded with a strong call for industry collaboration. Richard Bootle, Director, LawLab, urged practitioners to take a stand. “This monopoly was created by government, and only government can fix it. We need lawyers, conveyancers, and property professionals to speak up and demand action.”
Since yesterday, 25 firms already signed up to an industry forum to have a voice for a sustainable future. If you would like to be actively involved, to participate in the Senate inquiry and industry discussions on future fit guidelines, join the forum and watch the recorded webinar: 7 year eSettlement itch: have we settled for the status quo.
ENDS
Media Contact:
Sandra Falzon
InfoTrack
Sandra.falzon@infotrack.com.au
About InfoTrack
InfoTrack has been at the forefront of legal technology innovation for over 20 years; reimagining the way legal professionals work and championing industry-wide digital transformation. Our technology seamlessly integrates with the tools lawyers and conveyancers use every day, streamlining workflows, increasing efficiency and enabling smarter decision-making.
For over 25 years, InfoTrack has driven innovation, fairness, and resilience in the legal and conveyancing industries. Sympli, a 50:50 venture between InfoTrack’s parent company and the Australian Stock Exchange (ASX) was launched in 2018 to support competition in eConveyancing and to help shape the future of electronic property settlements.
