ANZ has acquired local startup REALas in order to help bolster its digital offering in Australia’s property market.

Launched in 2011, REALas uses an algorithm to predict property prices. The move comes just a week after ANZ became one of four major banks in the country to scrap ATM withdrawal fees for non-customers.

Commenting on the acquisition, ANZ managing director of customer experience and digital channels, Peter Dalton, 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.

“It’s also a great success story of an Australian startup, 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.”

REALas CEO, Josh Rowe, added: “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.

“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.”

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