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ANZ buys property crystal ball app

Melissa Jenkins  |  03 Oct 2017Text size  Decrease  Increase  |  
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MELBOURNE - [AAP] If you've got a problem, there's an app for it, whether it be what to cook for dinner, sticking to an exercise schedule, or playing the harmonica on your phone (yes, this exists).

Now, one of Australia's biggest banks has bought start-up REALas, which uses a mix of market information and a range of historic and crowd-sourced data to predict property sale prices.

Announcing the acquisition, Australian and New Zealand Banking Group (ASX: ANZ) customer experience and digital channels managing director Peter Dalton said REALas could save house hunters a lot of time.

"Buyers find it difficult to know what prices properties will sell for and they can spend precious time trying to figure out what they can really afford," he said.

REALas chief executive Josh Rowe, who launched the app in 2011, said it accurately predicts property sale prices within 5 per cent in most cases.

"The problem we were targeting was customers don't understand what residential properties really sell for," he said.

ANZ's effort to bolster its range of products for home buyers comes as property values in Sydney retreated for the first time in almost one-and-a-half years, according to property analytics firm CoreLogic.

Sydney home values fell 0.2 per cent over the month to October 1, while prices in Melbourne climbed 0.8 per cent and in Brisbane rose 0.3 per cent.

Home values also improved in Adelaide and Perth, by 0.1 per cent in both cities over the month.

Prices across the capital cities crept up 0.2 per cent in the month.

Auction activity for the week to October 1 was quiet due to the AFL and NRL grand finals, but the national clearance rate held firm at 69.4 per cent, up from 66.2 per cent the previous week.

CAPITAL CITY PRIVATE TREATY MEDIAN PRICES

HOUSES

Sydney - $950,000

Melbourne - $740,600

Canberra - $633,000

Brisbane - $530,000

Darwin - $518,500

Perth - $505,000

Adelaide - $435,000

Hobart - $385,500

Combined capitals - $703,681

UNITS

Sydney - $728,000

Melbourne - $545,000

Canberra - $401,000

Perth - $400,000

Brisbane - $391,250

Darwin - $362,000

Adelaide - $306,500

Hobart - $290,250

Combined capitals - $579,226

Source: CoreLogic Property Market Indicator Summary week ending October 1, 2017.

 

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