ANZ acquires online real estate price predictor
While details about ANZ's new HealthPay service might take a few months to enter the public domain, the bank yesterday announced its latest start-up acquisition, the real estate information provider, REALas.Since its launch in 2011, the Melbourne-based company has carved out a first-rate reputation as a predictor of sale prices for listed properties.The site also archives sale prices for properties across Australia, saving homebuyers time when they want to research a particular real estate market.ANZ's head of digital channels, Peter Dalton, said REALas.com would continue to operate independently as a subsidiary, although the bank would look to integrate REALas features into products and services offered to homebuyers."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," he said.REALas chief executive Josh Rowe said the value of the online business rested on the performance of the algorithm used by the site to predict the market value of residential 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," he said."Its predictions change in response to the market, which means buyers have access to the latest prediction right up to the time of sale."ANZ did not reveal how much it paid for the business.