Cliff Peskin

May 1, 2010

Augmented reality is making big inroads in the world of real estate. The technology is just too perfectly suited for researching property for it not to be a huge hit in the industry.

For those who still don’t know, augmented reality is a technology whereby virtual information and images is overlayed onto whatever you’re looking at or pointing your phone at. To understand it exactly, you’re best off watching a video on it here.

There’s a now a big name, with some serious cash, behind a soon to be released augmented reality real estate app being launched in Australia. The Commonwealth Bank of Australia, the country’s largest bank with $780 billion in assets, is launching an augmented reality iPhone app for home buyers.

According to finextra.com, the app – apparently “coming soon” will pull data from real estate site realestate.com.au (very nice site by the way) and property information and analytics company rpdata to provide customers with data on houses on their iPhone.

When looking at a property using the iPhone camera, buyers will get extra information mapped onto the view, including past sales history, current property listings and recent sales.

Users can also switch to a list or bird’s eye view to pull in insights on properties matching their search criteria and capture data such as demographics, median prices, property hotspots and capital growth trends.

Mark Murray, general manager, consumer marketing, says: “We are leveraging new technology and continually innovating to deliver convenient, relevant and real-time services to make buying a home easier.”

The new tool is part of CBA’s “2013 Vision”, a sleek and glossy future vision of banking in which consumers tap into a range of up-and-coming cutting edge tech tools to handle their financial affairs.

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