New ANZ tool analyses Google searches for housing market sentiment

New ANZ tool analyses Google searches for housing market sentiment
New ANZ tool analyses Google searches for housing market sentiment

ANZ have announced a new gauge for looking at dwelling prices in Australia using Google search trends.

The ANZ Housing Search Index looks at search terms such as “stamp duties”, “mortgage loan comparison”, “auctions today” and “moving company” to look at market sentiment.

New ANZ tool analyses Google searches for housing market sentiment

The information is available through Google Trends, which has been operating since January 2014.

It claims that “significant research has shown that this data may correlate with the levels of economic activity in given industries, and thus may be helpful in predicting macro indicators”.

“The (year on year) change in the index can track annual shifts in housing prices, three months in advance.”

New ANZ tool analyses Google searches for housing market sentiment

ANZ say that it plans to use the tool as an additional information point to assist in its analysis.

It claims that the index is already providing potentially useful information.

“The index suggests Australia’s house prices may stabilise later this year, consistent with the message sent by auction clearance rates,” the report said.  

“It is early days, however, so we aren’t getting too carried away with the signal.”

Tags: 
Anz House Price

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