Victoria’s electronic conveyancing system is to be dropped in favour of a single national network. The decision to eliminate the $50m system known as the Electronic Conveyancing Victoria (ECV) forms part of a number of arrangements intended to reduce the cost of buying a home by between $120 and $130.

The new national system is expected to begin operating late 2012 and aims to achieve annual efficiency gains of $240m to be shared between consumers and the conveyancing industry.

NECDL, a company supported by most states and the big banks, will own the new national network and has acquired the intellectual property behind the ECV system.

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