PEXA Group delivered a 7.3% rise in Australian property transaction volumes in 3Q26 and saw steady UK remortgage growth despite macroeconomic uncertainty. The company reaffirmed its FY26 guidance, aiming for NPAT at the top of its $15m-$25m range.
- Australian transaction volumes up 7.3% in 3Q26
- UK remortgage completions rise despite market uncertainty
- NatWest goes live on PEXA UK platform for remortgages
- Customer satisfaction improves to 89.7%
- FY26 Core NPAT guidance reaffirmed at top end
Australian Market Shows Resilience Amid Rising Rates
PEXA Group (ASX:PXA) reported a robust 7.3% increase in total property transaction volumes on its Australian Exchange platform for the quarter ended March 31, 2026 (3Q26), reaching 935,000 transactions. Transfer volumes rose 7.1% to 588,000, while refinance activity grew 7.9%, albeit moderating from the 13.7% surge seen in the first half of FY26. This growth came despite ongoing market uncertainty and rising interest rates, underscoring the resilience of Australian property transactions. The refinance mix held steady at 23%, consistent with the prior year period.
National market penetration remained high at 90%, unchanged from the first half of FY26, while the Northern Territory saw increased refinance volumes following PEXA's platform launch there in August 2025. The company also rolled out its AML solution, PEXA Clear, ahead of new anti-money laundering regulations effective July 2026, onboarding conveyancers, legal practitioners, and real estate agents in preparation.
Customer satisfaction on the Exchange improved to 89.7% in 3Q26 from 87.9% in 2Q26, reflecting efforts to enhance user experience. Meanwhile, PEXA continues to engage with the Independent Pricing and Regulatory Tribunal (IPART) on its pricing review, responding to methodology proposals ahead of a draft report expected in June 2026. This regulatory process remains a key focus, following recent market sensitivity to IPART developments and share price movements linked to preliminary consultation papers.
UK Expansion Gains Traction with NatWest Launch
In the UK, PEXA saw continued growth in remortgage completions through its Optima Legal and Smoove platforms, with volumes up 10% and 13% respectively compared to 3Q25. This growth was driven by consumers seeking to lock in fixed mortgage rates ahead of anticipated interest rate rises, although growth moderated from the first half of FY26. Notably, the Group's UK remortgage market share settled at 22% in 3Q26, down from 27% in 2Q26 but stable against the prior year.
March 2026 marked a milestone with NatWest successfully going live on PEXA's UK platform for remortgages, achieving transaction completions within two working days from mortgage offer. This launch is a critical step in PEXA's UK expansion, as the company continues to engage other lenders and conveyancers to broaden platform adoption. The Group is also participating in the Bank of England's Synchronisation Lab, testing end-to-end property transaction flows to drive reform in completions, a program expected to run for six months.
However, Sale and Purchase completions via Smoove declined 14% year-on-year, impacted by slower instructions in the prior quarter amid concerns over potential tax changes announced in the UK Autumn Budget of November 2025.
Financial Outlook and Cost Discipline Support Guidance Reaffirmation
Foreign exchange fluctuations have had a mixed impact on PEXA’s financials, negatively affecting Group Revenues but positively influencing margins, NPAT, and international cash flows. Despite these headwinds, strong operational performance and disciplined cost management have positioned the Group to reaffirm its FY26 guidance. The company expects Group Core NPAT from continuing operations to land at the upper end of the $15 million to $25 million range, with revenues forecast between $395 million and $415 million and EBITDA margins of 34% to 37%.
This outlook follows a restatement of guidance after the first half of FY26, which excluded discontinued Digital Solutions operations and reflected improved performance. The reaffirmation signals confidence in the core Exchange business and UK expansion prospects amid ongoing macroeconomic and regulatory uncertainties.
PEXA’s progress in the UK market, including the NatWest partnership, builds on momentum from earlier quarters, with the company steadily increasing its footprint and refining its platform capabilities. This is set against a backdrop of evolving regulatory landscapes both in Australia, with the IPART pricing review, and in the UK, with AML compliance and tax policy impacts influencing transaction dynamics.
Investors should watch closely for the upcoming IPART draft report and the pace of UK lender and conveyancer adoption, which will be critical to sustaining growth beyond FY26.
PEXA’s latest update highlights the balancing act of navigating mature Australian market resilience while scaling in a more volatile UK environment, with the company’s technology and regulatory engagement central to its strategy.
Notably, this announcement follows PEXA’s earlier NatWest remortgage platform launch and the company’s response to the IPART pricing consultation paper, both key elements shaping its near-term trajectory.
Bottom Line?
PEXA’s ability to maintain Australian volume growth while advancing UK platform adoption will be pivotal as regulatory reviews and macroeconomic conditions evolve.
Questions in the middle?
- How will the upcoming IPART draft report influence PEXA's pricing and revenue model?
- Can PEXA accelerate lender and conveyancer adoption in the UK to regain market share momentum?
- What impact will UK tax policy changes have on Sale and Purchase transaction volumes in coming quarters?