Boom time in South Australia tests limits
SA's conveyancers are stretched to capacity with predictions of not enough practitioners to carry the added load of extra housing needs.
AS the property market booms in South Australia, the state’s conveyancers are stretched to capacity with predictions there won’t be enough practitioners to carry the added load of extra housing in the future.
“An additional 300,000 homes need to be built in the next 30 years to deal with the demands of home owners and we need conveyancers to assist with this demand,” says AICSA president Matthew Kelly, referencing a report by demographer Simon Keustermuser at the 2023 State Conference.
“Basically there will be ample work and growth in conveyancing, but not enough conveyancers to assist with the growth.”
South Australia currently has 622 licensed conveyancers and 130 conveyancing businesses with approximately 80 per cent female participation, mostly aged 30-60. Many are sole traders or in small partnerships. While the large conveyancing firms are likely to be generational family businesses.
“Conveyancing for many participants in South Australia is seen as a lifestyle business,” says Kelly. “Referrals are hotly contested. The more successful conveyancers are those that can actively market their personal brand, provide personalised service and still produce quality outcomes for the registry.”
While the demand for new conveyancers in South Australia is strong, Kelly says there is pressure from experienced conveyancers that education pathways need to be improved and developed. “We are currently working with the minister and CBS for pathways for new and emerging conveyancers through mandatory traineeships,” he says. “This is due to the rise in the concern experienced conveyancers have with new conveyancers not understanding the practical side of the job.
“Our members also have fears of unanticipated vertical integration by ELNOs – we are working with the Registrar-General on steps to assist in addressing these concerns.”
Kelly says the mandating of electronic settlements was the biggest challenge in the last five years facing AICSA’s 708 active members, which has included the retraining of staff and rewriting of office procedures.
He says the most significant improvement in conveyancing in South Australia in the past decade has been the introduction of PEXA along with advancements in searching technology and significant improvements with practice management software.
However, Kelly says the added incidental and adjacent reporting requirements are placing extra burdens on the profession.
“This should transfer into increased fees,” he says, “but, because the industry participants here are fractured and price sensitive, the average conveyancer is working more, with greater risk, and often for less money.”
