NSW inquiry to probe e-Conveyancing competition at public hearing

COMPETITION in e-Conveyancing comes under scrutiny next month when an NSW parliamentary inquiry examines issues including outages, pricing, enforcement and interoperability in the market.

The inquiry, established in June and chaired by independent MP Taylor Martin, will hold a public hearing at state parliament on November 5 to explore competition reforms in the area.

The probe comes after regulator Australian Registrars’ National Electronic Conveyancing Council (ARNECC) last year halted a proposed rollout of a nationwide interoperability regime. It also coincides with a federal senate inquiry into competition in e-Conveyancing.

NSW’s pledge to deliver interoperability in the sector by December 2025, including the status of the reform, the process for execution and the transparency of progress, is expected to come under the microscope.

The hearing is also set to look at the impact of outages on property settlements, including home buyers and small businesses, as well as current pricing and opportunities to drive competition via pricing action.

Other issues in the spotlight include Registrar General enforcement powers in the e-Conveyancing market, and the relationship between the banks and the “monopoly network”.

Nearly all e-Conveyancing transactions in NSW use PEXA’s exchange process, giving the online property exchange network an effective market monopoly.

Submissions to the inquiry have been made by PEXA as well as other prominent industry players such as AIC NSW, the Law Society of NSW and Dott and Crossitt Solicitors.

Earlier this year, PEXA said there were 92 service disruptions within the e-Conveyancing ecosystem in 2024, with the company accepting responsibility for 10 of the outages.

NSW Minister for Customer Service and Digital Government Jihad Dib has acknowledged a need for better communication and response times, according to local media.