REALas is no longer in operation. REALas was an algorithmic property price prediction tool. It has been acquired by ANZ and incorporated into the bank's free property profile reports. The information on this page is of historical interest only, and is not being actively updated.
REALas profile
Quick facts about the company.
REALas
Location
Melbourne, Australia
Founded
2011
Proptech category
Price prediction, property data
Backers
REALas is owned by ANZ, one of Australia's Big Four banks. Its algorithm is developed in partnership with RMIT University.
Website
https://realas.com/
What does REALas do?
We provide Australia's most accurate price predictions on properties listed for sale, so you don't waste your time out there.
-REALas, in its own words
REALas takes properties that are listed for sale, analyses the available property data and its own data sets to predict final sales prices.
To use REALas you simply need to enter the address of a residential property currently listed for sale (it won't work if the property isn't on the market).
The REALas algorithm takes current and historic data from CoreLogic and other sources, plus information about the property itself such as building size, number of rooms, land size, location and comparable recent sales.
It uses this data to create a clearer picture of the property's current value in order to estimate the sales price. This information is regularly updated to provide more-accurate results.
Currently, REALas can only predict prices for residential properties. And it cannot predict prices of newly built, off-the-plan developments.
Does it work?
REALas says that its predictions are accurate within 5% on 7 out of 10 properties and within 10% on 8.7 out of 10.
The cool thing with REALas is you can test if for yourself:
Go to REALas and enter the address of a residential property currently listed on the market.
Compare the REALas estimate to the price range in the listing. Make sure you note down the prediction somewhere.
Wait for the property to sell and then check the sales price against the prediction.
This method takes a little time, but it's a relatively simple way to judge the predictions.
REALas background
REALas began life in 2011 as a startup. The company's focus from the beginning was price prediction. REALas partnered with data scientists at RMIT University in Melbourne to make it happen.
In 2016 REALas was purchased by ANZ and its algorithmic prediction tool was incorporated into ANZ's own lending technology.
What we think
Finder's quick thoughts on the company and its offering.
REALas tries to solve a very clear and simple need. And that's refreshing in the proptech industry, where tech jargon is heavy and details are often light. Anyone can plug in an address and get a prediction in seconds.
It's simple, it's fast and you don't need to sign up or pay anything.
The accuracy of the actual predictions is harder to judge. REALas is certainly not a replacement for professionals on the ground. Property valuation usually requires a licensed professional to conduct an in-person inspection. Real estate agents usually know what's going on in their suburbs (especially when talking to sellers!).
It's always important to get information from multiple sources and do your own research.
Data can tell us a lot and ideally a carefully maintained algorithm only gets better over time. This technology is very exciting. But property is a human game. Ultimately a property is worth whatever someone is willing to pay for it.
And there's no algorithm that can truly understand the human mind (yet).
Richard Whitten is a money editor at Finder, and has been covering home loans, property and personal finance for 6+ years. He has written for Yahoo Finance, Money Magazine and Homely; and has appeared on various radio shows nationwide. He holds a Certificate IV in mortgage broking and finance (RG 206), a Tier 1 Generic Knowledge certification and a Tier 2 General Advice Deposit Products (RG 146) certification.
REALas is no longer in operation. We suggest you look at another service offering a free property price report, such as ANZ’s free property profile reports.
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What is
2 Page Street Attadale 6165 WA
worth?
Regards
Mal
Hi Mal,
REALas is no longer in operation. We suggest you look at another service offering a free property price report, such as ANZ’s free property profile reports.
Kind regards,
Richard