ANZ has acquired a startup that uses data analytics and crowdsourced market chatter to provide prospective home buyers with accurate predictions of property price momentum in Australia's fervent real estate market.
Launched in 2011, the REALas price prediction is calculated using a proprietary algorithm developed with RMIT University, property buyers and real estate experts.
REALas CEO Josh Rowe says: “The algorithm at the centre of our site was built using the latest data science methods, local market knowledge from property experts and crowdsourced 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.
The acquisition comes as ANZ increasingly turns to local startups for collaborative projects in discrete market segments where the digital economy is taking hold.
ANZ managing director customer experience and digital channels Peter Dalton says: “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."
While Realas will operate independently, Dalton says the bank will look to incorporate some of the startup's features within its own home loans businesses.