eConveyancing allows parties in a property transaction to electronically prepare and lodge their property dealings with title registries, transmit settlement funds, and pay relevant taxes and duties.
More than four million conveyancing transactions were processed nationally in the financial year ending June 2022, and that volume is continuing to grow. The costs of eConveyancing are borne by buyers and sellers of property, including first home buyers. Effective competition in the eConveyancing market will ensure that the costs of conveyancing transactions are not higher than necessary and that there is choice of provider for users of these services.
The NSW Productivity Commission is conducting a study on the current structure of the eConveyancing market, which will examine:
- the effectiveness of competition in the eConveyancing market
- the best ways of promoting long-term competition, building on the current interoperability reform
- the resources (including sources of funding), governance, and regulatory structures needed to ensure a sustainable and long-term competitive eConveyancing market.
The study will not be reviewing current interoperability reforms but will focus on further evolutions of competition.
The Commission plans to undertake targeted consultation with a range of stakeholders from government, regulatory bodies, and business and legal groups, and intends to publish its final market study.
| Deliverable | Timing |
|---|---|
| Initial stakeholder consultations and analysis | December 2023 |
| Detailed analysis and consultations | January - February 2024 |
| Final market study | Q1 2024 |