Chair & Chief Executive message
Caroline de Mori
During 2015/16 Landgate made significant progress with its transformation agenda to ensure it delivers ongoing benefits for the people and government of Western Australia (WA).
Through its secure land titles system, Landgate is the custodian of property rights for the people of WA. This responsibility – along with our stewardship role in delivering land valuation services and managing WA’s location information – is fundamental to the state’s economic growth and prosperity.
Over the past 12 months we have seen continued and rapid change in the environment in which we operate. The land registry sector in particular is experiencing significant upheaval, both nationally and internationally. We have made a conscious choice to implement a strategy to respond to these challenges, pursue growth and secure long-term success.
Key to this strategy, Landgate created a new commercial entity, Advara, which is the vehicle for us to help minimise threats of new entrants as well as positioning us for opportunities in other markets. This year, we continued to advance our ‘Transform’ program, which has seen significant progress in reorienting our business to thrive in a digital environment and become more efficient.
In addition, Landgate has ensured its business remains financially sound despite a weak property market. Our performance this year resulted in a profit of $6.8 million, enabling us to continue to deliver financial returns to government, for reinvestment into the state. Our investment strategy continues to seek opportunities to grow the net worth of the business and benefit the state of WA. This year, Landgate invested a further $10.3 million in Property Exchange Australia (PEXA) Ltd.
I would like to thank my fellow Board members and the management team, whose leadership, commitment and experience has ensured the business continues its improved performance and is well positioned for the future.
Finally, I thank the Lands Minister Terry Redman for his support over the past year and for helping Landgate to progress its vision for the future.
Chief Executive's message
This past year has been both busy and rewarding. It has resulted in Landgate making some significant achievements.
A particular highlight has been the successful transition to our innovative New Land Registry system, which revolutionises the way land registry transactions are processed.
In December 2015, through this new system, we introduced the ability to automatically examine and register land registry documents electronically. As a result, certain property transactions that once took up to seven days to process can now be completed in less than 30 seconds and the number of documents awaiting registration has halved.
In addition, as we move closer to a fully electronic marketplace for property transactions, the number of transactions lodged electronically in WA through the PEXA (Property Exchange Australia) platform has continued to increase.
The result of business improvements implemented through our Transform program is evidenced in our customer satisfaction levels, which increased by almost 10 per cent to 80 per cent. This result can be attributed to the holistic series of system, process and capability improvements we’ve made throughout our journey of transformation.
To align our workforce with new ways of working introduced through new technology and processes, new structures were developed for a significant portion of the business. Transition to the new structures began in November, and as a result, will realise significant ongoing salary savings and increased flexibility in the way we deliver services.
In April, we celebrated the launch of SPUR, our location and innovation hub. SPUR draws on Landgate’s leadership in innovation and research to bring together knowledge, ideas, research and investment in a collaborative environment. The launch of SPUR realised a vision that is part of WA’s location information strategy.
Landgate’s land registry commercialisation project also celebrated an outstanding achievement during the year, with the formation of Advara Limited. Advara was formed to explore opportunities to deliver Landgate’s new land registry system to other jurisdictions, both interstate and internationally.
Our legislative reform program has continued to progress to ensure WA has a modern regulatory environment to support future growth. After consultation with the property industry and community, amendments to the Sale of Land Act 1970 were introduced in Parliament in June 2016 to deliver greater protection to consumers and provide certainty to land developers.
In reflecting on our achievements, I would like to thank our people. As always, their passion for customer service and their willingness to explore new ways of working demonstrates their commitment to keeping our customers and our community at the heart of everything we do.