When it comes to PEXA, the ASX-listed property settlement platform, most investors are focused on its opportunities in the United Kingdom. After all, a successful entry into that market could easily see its market capitalisation, some$2.5 billion, double.

But as the market starts to price in some of that potential for success, there’s a far messier political and regulatory battle dragging on locally. It is one that threatens to upend PEXA’s dominance in the online property settlement market.