ANZ has acquired Australian property start-up REALas, a property price predicting service. It’s another step in ANZ’s digital transformation strategy, according to the company, which has made several digital hires this year.
“This is an important acquisition for our digital transformation as we know customers are increasingly turning to online resources for help as they navigate the Australian property market,” said Peter Dalton, ANZ Managing Director Customer Experience and Digital Channels.
Launched in 2011, REALas offers a unique algorithm to predict property prices and has forged a strong reputation as the most accurate predictor of sale prices for listed properties.
“It’s also a great success story of an Australian start-up, so we’re really pleased to be working with them and looking at how we might incorporate some of their features into ANZ’s products and services in the future,” Dalton said.
REALas said it can predict property prices to within five per cent of sale price for seven out of 10 properties and within 10 per cent for nine out of 10 properties.
“The algorithm at the centre of our site was built using the latest data science methods, local market knowledge from property experts and crowd-sourced data from buyers. Its predictions change in response to the market, which means buyers have access to the latest prediction right up to the time of sale,” said REALas CEO Josh Rowe.
“We’re thrilled that ANZ has recognised the value in what we’ve built over the past six years and we’re looking forward to growing our service and helping people get the information they need to make better decisions when buying or selling property.”
REALas.com will continue to operate independently as a wholly-owned subsidiary of ANZ.
Digital offerings are becoming more emedded in Australia’s property market. For example, Domain and Realestate.com.au have both added digital financing tools to their online search platforms, marking their respective entries into the the home loan market earlier this year.