The Western Australian Government has received $185 million from the sale of its shares in Property Exchange Australia (PEXA), which will now go towards METRONET projects under development.
The state received the money from the sale of its 11.8 per cent shareholding in PEXA, which was finalised this week.
PEXA was formed in 2010 to fulfil the Council of Australian Governments’ initiative to deliver a single, national electronic conveyancing solution to the Australian property industry.
The state, through Landgate, invested $38.9 million in the initiative helping to establish the company and build a market for electronic conveyancing, along with other state governments, in Western Australia and nationally.
According to the state government, the electronic conveyancing market has now matured to a point where new entrants are being established and other property exchange operators are emerging.
With this in mind, the state held the view that the objective of helping to establish the market had been achieved and it was the right time for the state to exit.
Western Australia Treasurer and Lands Minister Ben Wyatt said the completion of the transaction produced a positive outcome for the state.
“Given Landgate and the state’s investment totals approximately $38.9 million, this is an exceptional outcome for Western Australia,” he said.
“This decision to invest in METRONET also ensures that the financial discipline and responsibility which has been the hallmark of the McGowan Labor Government continues.”