- Many conveyancing practitioners are eager to go out on their own, data shows
- Booming property market has increased competition for conveyancing services
- A conveyancing course can take up to 24 months to complete, before having to register
The conveyancing industry is being disrupted by the thriving Australian property market, according to commentary from a major player in the industry.
Signaling the competitiveness of the industry, practitioners are opting for entrepreneurship over working for existing firms with 15 new conveyancing firms registering for an ABN in November 2021 compared to just five in November 2020.
triSearch CEO Taylah Allen – who has led a business within the conveyancing sector herself since 2018 – said this shift was fuelled by the highly active property market.
“From what we’re witnessing in the market, conveyancers are seeing how much volume there is in the market and how profitable it is to start a practice of their own,” Ms Allen said.
“We are seeing this in our own data with more firms being established in the last six months, than at the same time-span ever before.”
Taylah Allen, triSearch
Ms Allen said the flow-on effect from this competition is that home buyers have greater choice when selecting a conveyancer. This in turn is making the sector more competitive across both their price offerings and efficiency.
“Conveyancers, both new and existing, are more reliant on technology than ever before as it’s their ticket to keeping costs down and productivity high,” she explained.
“As a tech provider this has forced us to remain on our toes and innovate, developing new solutions and price points to service our busy market.”
Those wishing to become a conveyancer need to undertake an accredited course – the Advanced Diploma of Conveyancing – which usually takes 18 to 24 months to complete.
After his, one needs to apply for a licence with the relevant state licensing body.
While this is placing employment strains on long-established businesses, conveyancing firms are being forced to evolve to remain relevant and not complacent.