While it may not be the advent of Blockchain just yet, NSW is amending its legislation to allow for property deals to be enacted through digital signatures.
While this may be Australia 'just keeping up' with where technology is taking the industry, expect a lot of caution from the average purchaser or vendor. With recent media around the issues that PEXA has faced and cyber fraud in the settlement space, those transacting may find the initial convenience isn't enough to sway them from the traditional approach of pens on paper.
Given its usually the largest transaction the average family completes, you can't blame them. But like all technology advances, eventually this will become the norm - as long as the appropriate protections are put in place.
NSW will be the first state next year to allow electronic signatures in property and land transactions when new legislation overcomes hurdles including requirements for deeds to be executed on "paper, parchment or vellum". Legislation the government will introduce in September amending the state's Conveyancing and Real Property acts aims to speed up deals by starting them electronically, rather than just completing them in that way, under systems such as Property Exchange Australia (PEXA) or fledgling rival Sympli Australia. Victoria has already trialled electronic signatures on property deals, but NSW expects to be the first state to allow it generally, and for banks to have the systems in place to accommodate it, by midway through next year.