Property Exchange Australia (PEXA) is expecting to launch its property exchange system in October after a successful meeting with Craig Osborne and other business champions in May.

That was followed last week by an information session in Wollongong attended by 170 members of the legal, conveyancing, financial, real estate and business community as well as sponsors.

Law Society president David Potts said it was wonderful that Wollongong and its co-operative business community had the opportunity to be first.

"Wollongong styles itself as a city of innovation and this is an opportunity for us all as practitioners to embrace that," he said.

Mr Osborne said introducing such technology would improve service and efficiency and help Wollongong firms achieve a greater reach.

PEXA was established in 2010 to fulfil a Council of Australian Governments agenda.

PEXA chief executive Marcus Price explained how the unique platform was essentially designed to support the exchange of property through the ability to perform lodgements and property settlements online in a simple transaction.

"I think it is a very exciting night ... because this really is the start of the practitioners' rollout of PEXA," he said.

"We see this as the most significant change in the way properties are dealt with since Torrens title was introduced.

"Why Wollongong? Well it is a tremendous place because you are a tight community. You have very progressive law firms and conveyancing practices here. People want to be part of innovation and that is tremendous," he said.

Mr Price did not expect many problems because PEXA had been thorough in developing the system with the help of key financial stakeholders such as the Victorian, NSW, Queensland and Western Australian governments and some of Australia's largest financial institutions.

The goal is for it to do a similar job for conveyancing as the Australian Stock Exchange (ASX) did for the exchange of shares.

More details about the system can be found on the website.