ANZ has acquired REALas, a startup that provides pricing predictions for Australian real estate.
REALas, which initially launched in 2011, says it uses a proprietary price predication algorithm developed in conjunction with RMIT University, property buyers and real estate experts.
“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,” said REALas CEO Josh Rowe.
“Its predictions change in response to the market, which means buyers have access to the latest prediction right up to the time of sale.”
“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,” the CEO said.
The company provides predictions for around 90 per cent of the properties for sale in Australia. It doesn’t provide predictions for land, new builds, or blocks of apartments.
REALas says that over the 12 months from September 2016 to August 2017 its predictions were, on average, within 4.86 per cent of the sales price.
REALas will operate independently as a wholly-owned subsidiary of ANZ, the bank said.
“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,” ANZ managing director, customer experience and digital channels, Peter Dalton said.
ANZ is currently undertaking a massive agile transformation program.
Earlier this year the bank’s CEO, Shayne Elliott, revealed details of a push to roll out Scaled Agile across the bank.