CBA speculates on property investment applications

Potential property buyers who want to play the Australian market without blowing their cash can now try for free with the release of a Commonwealth Bank of Australia (CBA) website called Investorville.

According to a statement from the bank, the website is targeted at existing home owners who want to invest in real estate, as well as consumers who already own an investment property. It is meant to stimulate the ongoing costs associated with owning a property but without the risk of losing capital or getting embroiled in a US-style subprime mortgage nightmare.

Information about the current Australian property market is included from RP Data, a company who specialise in property information, risk management and analytics.

CBA consumer marketing general manager, Mark Murray, said in a statement that users of the site can now "try before they buy."

"The properties and data are reflective of the Australian property market and the types of properties available," Murray said. "The site combines sophisticated economic modelling and real market data with a user-friendly gameplay."

The launch of the website follows CBA's release of property guide iPhone application in 2010. The app uses augmented reality to overlay data and tools onto the phone’s screen, providing property information on premises the phone is pointed at. According to the bank, the application has been downloaded over 160,000 times.

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