Month: September 2020

Reformed Irish SWF could still be used to pre-fund pension liabilities

first_imgUsing the Ireland Strategic Investment Fund’s (ISIF) assets to pre-fund the country’s pension liabilities should not be ruled out, the head of the Irish debt management office has said.John Corrigan, outgoing chief executive at the National Treasury Management Agency (NTMA), said pension provision remained on the government agenda, despite last year’s decision to transform the National Pensions Reserve Fund (NPRF) into the ISIF, severing its ties with the pre-funding of state pension liabilities.Speaking with IPE at the fringes of the Mandarine Gestion investment conference in Munich, Corrigan said he was hopeful the ISIF would become an “evergreen fund”, echoing government views that it could act as a perpetual investment vehicle to boost the economy.The government nonetheless retains the ability to use the ISIF for a future banking bailout, with the NTMA (Amendment) Act 2014 giving the minister for Finance the ability to invest assets in “specified securities of a credit institution”. Corrigan also said the government had yet to decide whether the assets within the NPRF’s €13bn directed portfolio – used to support Allied Irish Banks and Bank of Ireland during the financial crisis – would eventually be included in the ISIF, which is set to be funded with the €7bn directed portfolio.However, he warned against seeing the repurposing of NPRF assets to fund the ISIF as the government neglecting pensions issues.“I do think the whole question of pension provision remains on the government’s agenda because we have a huge pension fund sector in Ireland that, it’s fair to say, is not in the best shape,” he said.“That will have to be addressed, and so I would not discount the possibility this fund might one day revert to its original role as a pensions reserve or buffer fund.”The current government has pledged to publish details of reforms to increase the coverage of second-pillar pension savings by the end of 2015.The success of any such reform has been questioned by the Irish Association of Pension Funds, which said recent policies – including the use of NPRF assets to fund the bailout – would leave savers questioning how safe their pensions were.Corrigan also spoke about the challenge of measuring the economic impact, and not just financial performance, of the ISIF’s investments and said the incoming investment committee would be discussing the matter.“We do have a wish-list of sectors to focus on we feel will have the greatest multiplier effect – but that is really about narrowing down the universe, and our real job is to bring our commercial acumen to bear in making investments that generate good returns regardless of the sector,” he said.He added that co-investing with other institutions or acting as a cornerstone investor would lend “peer group validation of the commercial viability of any investment”, as well as help the fund to leverage assets to “get the best bang for our buck”.Ahead of the ISIF’s official launch, expected next month, the NPRF has been making a number of commitments, including to a suite of funds lending to small and medium-sized enterprises and a joint venture with the China Investment Corporation. As of the end of June, it had committed €1.2bn of its €7bn portfolio to upcoming projects.last_img read more

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Danish investors mull class action over bankruptcy of shipping firm

first_imgA group of Danish institutional investors including seven pension funds has launched an investigation into the collapse of shipping fuel company OW Bunker – which is set to cost them hundreds of millions of kroner in investment losses.Statutory pension fund ATP and labour-market funds PFA, AP Pension, DIP, Industriens Pension, JØP and PensionDanmark, as well as companies SEB and Maj Invest, said in a joint statement they had initiated an investigation into the company, which filed for bankruptcy in early November.The statement said: “The purpose of the investigation is to understand the events leading up to the bankruptcy and to obtain information that can be used to determine whether there are grounds for asserting legal liability.”The investors described the demise of OW Bunker as “a significant, extraordinary and highly negative event” in the Danish stock market. ATP has said it invested around DKK150m (€20.1m) in OW Bunker. Engineers’ pension fund DIP said it stood to lose DKK16m because of the collapse, and lawyers and economists’ pension fund JØP put its exposure to the failed company at DKK9m.Meanwhile, Industriens Pension said it had lost DKK15m from the collapse – equivalent to an average of DKK35 per scheme member.The group of investors said there was an strong need to understand events leading up to the collapse, as well as to determine who was responsible.They had a duty to members and clients to find out whether they could recover some of the losses, they said.The investigation will be carried out by law firms Accura and Bruun & Hjejle, and assisted by audit firm EY, the investors said.It will cover not only the events leading up to the bankruptcy but also those surrounding the IPO in March this year.“The investigation will especially focus on errors and flaws in the prospectus prepared in connection with OW Bunker’s IPO, liability in connection with the offering and sale of shares in OW Bunker, as well as the management’s liability for OW Bunker’s operations in the period from the IPO until the bankruptcy,” the investors said.They said each participating investor would decide what course of action to take, based on the findings of the investigation.OW Bunker, whose main business was to supply fuel to ships, was the second largest Danish company in terms of turnover in 2013.Its shares were listed on the Copenhagen stock exchange on 28 March this year, with new shares being issued and those of its main shareholder, Swedish investment fund Altor, being sold.In early November, OW Bunker said it discovered a fraud in its Singapore subsidiary and that preliminary findings suggested it could lose around $125m (€100m) from the crime.However, it also said that, separately, it had discovered a “significant risk-management loss” of around $150m.It said it was forced to file for bankruptcy after banks failed to provide financing for a restructuring.last_img read more

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UK minister dismisses ‘auto-protection’ as politicians clash on paternalism

first_imgConservative Party peer Lord Holmes and the UK union umbrella group Trade Unions Congress supported the proposals.Speaking at a debate hosted by the Society for Pensions Professionals (SPP), Webb said he was prepared to be paternalistic for those who needed help in order to save into a pension.“Once they have got close to the concept of a retirement, do we have to go on being paternalistic at that point?” he asked.“There is no inconsistency between helping people do something [the government thinks is right] they would not otherwise do – like building up pension savings – and then recognising that everyone is different and people should be free to do what they like with [their pension].“Michael Johnson is nothing if not prolific in his ideas, but, just at the point we had decided defaulting into annuities is not the best thing to do, [the CPS] publish a paper on defaulting into index-linked annuities.”The Budget proposals, which come into effect on 6 April, remove the requirement for DC members to annuitise, allowing them to draw down in any way they see fit.It was announced by chancellor George Osborne in 2014 after the annuity insurance market faced sharp criticism over perceived lack of value for money and market failure.“Talk about not getting the zeitgeist,” Webb said, in a nod to the CPS.Webb said the concept of defaulting people’s DC pots into index-linked annuities was bizarre given that many UK savers retiring now would have state pension entitlements alongside some defined benefit pension payment.“If ever there were a wrong moment to come up with a suggestion, this was it,” he said.Webb shared a stage with Labour counterpart Gregg McClymont, the shadow pensions minister, as the pair clashed over the Budget proposals and the safeguards in place for consumers.McClymont said the paper was interesting given that the logic behind the Budget rules “strays” so far away from that of auto-enrolment.“This [CPS] proposal is more in-tune and is something I will be following closely,” he said.“I don’t agree with all of it, and, as always, there are some points of contention. [But] I think it is definitely a worthy contribution to the debate.”McClymont expressed surprise at the policy being suggested by the CPS, a free-market advocate, but said the merging of right and left political ideology had become more common over his tenure as shadow.“It is recognition that the pensions market is a special case,” he said.Read Taha Lokhandwala’s analysis on the impact of the Budget proposals on the UK pensions industry The UK pensions minister, Steve Webb, has dismissed a recent think-tank proposal to implement a default retirement system for defined contribution (DC) pension savers to counter Budget freedoms.Webb, a Liberal Democrat MP, said he did not believe savers approaching retirement needed such a level of paternalism or government intervention and dismissed claims the Budget proposals were at odds with auto-enrolment.The traditionally right-leaning and free-market think-tank, the Centre for Policy Studies (CPS), said government intervention into the pensions market was the best way to ensure savers did not make poor retirement decisions.The paper, authored by CPS fellow Michael Johnson, said the default annuity process would ensure that those left confused would still receive a stable retirement income, allowing those who desire additional freedoms to access them as well.last_img read more

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Swiss scheme tenders unlisted real estate mandate using IPE Quest

first_imgAn undisclosed pension fund based in Switzerland has tendered a $100m (€94.5m) developed-market, unlisted real estate mandate using IPE Quest.According to search QN-2139, the main part of the strategy should be core, with a satellite in non-core.Leverage should be set at 20% on average – and reach no more than 33% – for the core part of the mandate.Geographical allocation should be approximately 40% US and Canada, 40% Europe excluding Switzerland and 20% Asia Pacific. The mandate calls for mixed sector allocation, no blind pools and more open-ended structures than closed-end ones.The client said it would also prefer a segregated fund, but added that it would accept a pooled fund if it could be turned into a segregated fund in future.Interested parties should state performance, gross of fees, to the end of September.The deadline for applications is 11 December.The IPE news team is unable to answer any further questions about IPE Quest tender notices to protect the interests of clients conducting the search. To obtain information directly from IPE Quest, please contact Jayna Vishram on +44 (0) 20 3465 9330 or email [email protected]last_img read more

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Nordea Life & Pension CIO says Brexit could well be buying opportunity

first_imgThe London properties had been sold off more than a year ago because Nordea Life & Pension felt the real estate market in the UK capital had become a bit overheated, he said.“We have had the British pound hedged for a long time, so we are not at risk from swinging currency levels,” Schelde said.Two weeks ago, the investment team decided to reduce the risk in its equities portfolio somewhat in the light of, inter alia, the upcoming EU referendum, he said.“Vækspension is therefore ready for the British referendum – however it turns out,” he said.Schelde said turbulent markets could also create new opportunities.“If there is a ‘no’ to the EU, and the market reacts by selling pounds, then the price of the currency will fall, in which case we could, for example, consider getting rid of our hedging of the currency and thus exploit the lower rates,” he said.He added that, since it is impossible impossible to know what will happen in advance, the team is following the situation very closely. Nordea Life & Pension in Denmark says the investments behind its main pension product have been positioned for a long time to cope well with either outcome from Thursday’s UK referendum on EU membership, and that a “leave” vote could well be a buying opportunity.Anders Schelde, CIO at the Nordic banking group’s pensions arm in Denmark, said: “Our base case, in case of a Brexit, is that it could very well be a buying opportunity, so we will watch markets carefully on Friday and see what happens.”The DKK55bn (€7.4bn) portfolio of Nordea Life & Pension’s flagship Vækstpension (growth pension) product, which is now bought by 90% of new clients, has long been prepared for either outcome of Thurday’s vote in the UK, he said.“Earlier on, we have had investments in London properties, in sterling and in equities,” he said.last_img read more

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UK considers scrapping ‘controversial’ inflation measure

first_imgThe UK’s upper house of parliament has begun an inquiry into whether the retail prices index (RPI) should be scrapped as a measure of consumer inflation, a move that the government has indicated could save employers up to £90bn (€102bn) in pension deficit contributions.The House of Lords’ Economic Affairs Committee yesterday discussed whether RPI – which tracks the price change of a basket of items from furniture to footwear – still had relevance to measuring price movements in the UK economy.RPI is particularly important for pension funds as the government still refers to the index to determine payments on the £400bn pile of index-linked gilts – many of which form the backbone of UK defined benefit (DB) pension portfolios.In addition, RPI is still widely used by DB pension funds to calculate annual pension increases. According to the Department for Work and Pensions (DWP), 73% of DB schemes in the UK currently index their liabilities using RPI – despite a wholesale move to the consumer prices index (CPI) for state pension increases in 2011. The CPI figure historically has been lower than RPI. Changes to RPI – or its abolition – could mean a major upheaval for members of existing DB schemes, said Andy Cork, partner at law firm Allen & Overy.“Many schemes are required to use RPI as the law stands at the moment, because their rules say so – they will have some formulation that pension increases are applied in accordance to RPI and with limited flexibility to change,” Cork said.“There would inevitably be some schemes that have that written in, and I think as part of scrapping RPI the government would have to give us greater direction [regarding] what to do with those schemes.”In 2016, the trustees of the Barnado’s charity pension scheme failed at the UK’s Court of Appeal in their attempt to switch from RPI to CPI, with the judges ruling in favour of the existing rules and terms of the plan. Earlier this year, trustees of the Thales pension scheme failed to convince the High Court in a similar case.The DWP further stated in March in its white paper on DB schemes that a move to CPI would slash the current £200bn aggregate DB deficit by as much as £90bn. On the flipside, the DWP noted, the move to CPI could cut annual member benefits by as much as £300 three years after the switch – or up to £12,000 over their lifetime.Ultimately change was needed, said Anna Rogers, senior partner at ARC Pensions Law, but weighing member benefits against employer gains was politically very sensitive.“It is a hugely controversial area,” she said, “and it also presents a big technical problem in terms of what a resolution might look like. It seems to me that we should welcome another inquiry.“We need to keep having inquiries until someone can find a solution.”last_img read more

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ATP, USS lift stakes in Spain’s Redexis Gas, buying out Goldman Sachs

first_imgTwo of Europe’s largest pension funds, ATP and USS, have linked up with two Chinese financial investors to complete the acquisition of Spanish gas distributor Redexis. Danish statutory pension fund ATP and UK universities pension fund USS increased their stakes to a majority, acquiring – along with new Redexis shareholders Guoxin Guotong Fund (GT Fund) and CNIC Corporation – the 50.1% of the company they did not already own.They bought the stake from Goldman Sachs Infrastructure Partners II, a fund belonging to Goldman Sachs (GSIP).The deal leaves ATP and USS each with a 33.3% stake in Redexis, and the Chinese funds with a 33.3% stake between them, held through a common vehicle. Michael Dalsgaard, senior investment manager at ATP and newly-elected board member in Redexis Gas, told IPE: “ATP has been an investor in Redexis since 2010 and we have over the years increased our investment in Redexis Gas on several occasions.”He said ATP was very pleased with its investment and looked forward to continuing working with the company’s “excellent team”, and to supporting its growth strategy.“Going forward ATP will have an additional board member at Redexis and we look forward to the journey with the company and our co-shareholders,” Dalsgaard said.USS could not immediately be reached for comment.A Redexis statement about the deal said that it “reflects once again ATP’s and USS’s support for the company’s long-term growth strategy and significant investment plan”.Both ATP and USS have been investors in Redexis Gas along with GSIP since 2010, initially as indirect investors and since 2017 as joint direct owners of 49.9% of the Spanish firm.Redexis Gas develops and operates natural gas transportation and distribution networks, and supplies liquefied petroleum gas in Spain.The company’s chairman Fernando Bergasa said his company was now looking forward to entering a new phase of long-term growth based on a significant investment plan, with the support of the four shareholders.Vantage Infrastructure is acting as the manager of the stake in Redexis Gas held by GT Fund and CNIC.Citigroup Global Markets Limited and Goldman Sachs International acted as financial advisers to GSIP while Evercore was the financial adviser for GT Fund and CNIC.last_img read more

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Dutch minister satisfied with pension fund-fiduciary manager contracts

first_imgWouter Koolmees, the Dutch minister for social affairs, has indicated he was satisfied with the current contracts between pension funds and their fiduciary managers.Answering questions posed by Pieter Omtzigt, MP for the Christian Democrats (CDA), he said the type of contract questioned by the politician was no longer used.Omtzigt argued that pension funds were hardly able to hold their managers liable for losses caused by fraud, saying the situation was “detrimental” because some asset managers had been involved in “almost any kind of market abuse”. He had hinted that they still concluded secret contracts with pension funds.He cited nine examples of fraud and market manipulation, including Libor, Euribor and swaps, in which the provider had paid damages or had been convicted. Koolmees, referring to information provided by the Dutch Pensions Federation and Dufas, the industry body for asset managers, said the disputed contract was no longer in use.He added that it was anyway impossible to legally exclude damages caused by deliberate action or gross negligence, even under the old contract model.The minister emphasised that the arrangements in a contract were the responsibility of both players involved.“I am convinced that pension funds are scrupulous on this. Moreover, the supervisor also pays attention to liability clauses.”Wouter Koolmees, Dutch social affairs minister“I am convinced that pension funds are scrupulous on this,” he said. “Moreover, supervisor De Nederlandsche Bank also pays attention to liability clauses.”Before Koolmees was able to respond to Omtzigt’s questions, a pensions lawyer had told IPE’s Dutch sister publication that the regulator referred pension schemes back to their managers if contracts were not up to scratch.Addressing other questions posed by Omtzigt, Koolmees said the financial markets watchdog monitored market abuse by asset managers as well as conflicts of interest in the derivatives trade.In his opinion, a pension fund’s accountability body (VO) should not have the automatic right to examine all contracts, and it was up to a scheme’s board to decide case by case which documents the VO reasonably needed.“A pension fund could weaken its negotiating position if it releases all its information,” he said.last_img read more

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Green retreat about to blossom

first_imgBuderim Forest will be constructed on Mons Road, Forest Glen“Buderim Forest is the first major residential project approved for this area,” he said.“It really is a spectacular site and we definitely see it as a great investment opportunity with a number of projects forecast in the area.More from newsCrowd expected as mega estate goes under the hammer7 Aug 2020Hard work, resourcefulness and $17k bring old Ipswich home back to life20 Apr 2020“It’s just over 8ha in total, and there’s a naturally cleared 4ha parcel right in the middle of it, so we’re not touching the forest surrounding the outside perimeter of the development.”Mr Rowe said a barrier of about 50m of forest would envelop the housing development maintaining its privacy and natural environment into the future.“The whole ethos of this development is to be submerged within the forest, so we don’t want to touch that,” he said. Buderim Forest will be carried out in six stages, with civil construction due to start on stage one in July this yearMASSIVELY convenient and superbly secluded were the words Vantage Homes sales consultant Ian Rowe used to describe the new $43 million residential development at Forest Glen.Mr Rowe said within 72 hours of their mid-May launch they had sold three properties and was excited to see where it would go from there.“Look it’s in the price sweet spot and once people see where it is, it’s an absolute winner,” he said.He said while there was a substantial amount of development happening on the Sunshine Coast, this was “genuinely different”. The site will be surrounded by a 50m barrier of forest.“You can’t see the development from the road … and there’s going to be a 100m driveway, the winds its way through that forest into the development.“It’s a wonderful environment, and I mean every single person that has walked into that clearing where the development is going to be, has all gone ‘wow’, with the aspect, the nature, the birds, it really is stunning.”He said nature was not the only draw card to investing into this development, with Forest Glen being tagged as an emerging community.“You are a minute away from one of the top schools in Queensland, a-minute away from one of the best cafes on the coast, but also you’re a five-minute drive to Buderim, you’re 12 minutes to Mooloolaba, you’re 14 minutes to the hospital and you’re about a minute, depending whether you’re going south or north, to the Bruce Highway.“Forest Glen is classed as an emerging community with the Sunshine Coast Council, so things are going to happen there.“There’s a lot of talk about the potential town centre, we’re excited with the future growth in Forest Glen.”The development will be carried out in six stages, with civil construction due to start on stage one in July this year, and Mr Rowe said, depending on sales, they hoped to have it completed within three years.last_img read more

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New recreational hub open at Gold Coast’s $200 million Vantage community

first_imgThe new recreation hub at Benowa’s Vantage community is open.NEW residents in the $200 million master planned Vantage community at Benowa now have access to the full recreational hub with the facility now completed.The completion of the gym, and sauna add to the already finished facilities including an undercover barbecue pavilion, and outdoor pools. The Vantage community residents’ facilities.Mr Litfin said with so much of the development now completed, prospective buyers were able to see exactly what they were buying into.“Prospective buyers are no longer buying a dream, they can see first-hand, that the dream has been delivered,” he said. “The fact that all facilities and local lifestyle amenities have been built upfront means buyers are buying off the plan without the risk.’’Dawn has 113 two and three-bedroom apartments with prices starting from $495,000. Each apartment has secure basement carparking with two car parks. The residents’ lounge at Benowa’s $200 million master planned Vantage community.The latest work now completes the leisure precinct in the development. It sits within 2ha of landscaped gardens and only residents can access it through security-coded entry.Head of project marketing Chris Litfin, of Knight Frank, said the development had appealed to buyers who wanted low maintenance apartment living but with access to resort facilities.More from news02:37International architect Desmond Brooks selling luxury beach villa15 hours ago02:37Gold Coast property: Sovereign Islands mega mansion hits market with $16m price tag2 days agoOnce complete, the entire project will have five residential buildings. The first three have sold and settled and in the fourth building, Dawn, 41 of the 113 apartments have sold.Mr Litfin said out of the apartments already settled, 85 per cent were to owner occupiers.The latest stage at Dawn will also have a resident lounge on level two of the 15-level building, which will overlook the double-storey entry lobby and gardens.last_img read more

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On offer: Instant property portfolio across Sydney, Melbourne and Queensland

first_img Retired captain boots St Ives property The giveaway includes an apartment in this Zetland building.More from newsParks and wildlife the new lust-haves post coronavirus16 hours agoNoosa’s best beachfront penthouse is about to hit the market16 hours agoThe Melbourne home is located close to the CBD at Southbank and is worth about half a million dollars.The Whitsundays property is a $940,000 three-bedroom villa in Airlie Beach with sea views. It also comes with furniture and appliances worth about $72,000.The three properties have an estimated combined rental value in excess of $125,000 a year.The prize also includes the cost of transfer duties, legal fees and the first year’s rates, water and body corporate charges. Bargain hunters’ FOMO is changing Sydney market Three properties are being given away, including this unit in Melbourne’s Southbank.THREE luxury properties spread around Sydney, Melbourne and the Whitsundays in Queensland are due to be given away in a draw to raise money for veterans.The $2.7 million giveaway will be part of the RSL Art Union’s next home lotteries draw and can be entered with the purchase of a $5 ticket.The properties include a two-bedroom, two-bathroom apartment in the Sydney suburb of Zetland valued at $1 million.MORE: Sydney’s cheapest train stations to live nearcenter_img The Airlie Beach home has sea views and comes with furniture.RSL Art Union general manager Tracey Bishop said the locations were in hot demand and offered vastly different lifestyles.“Each of these properties has been carefully selected to ensure maximum appeal, either as a full-time residence, a rental property, or a sellable proposition for our winner,” Ms Bishop said. Tickets are available at rslartunion.com.au. SIGN UP FOR THE LATEST REAL ESTATE NEWSLETTER HERE The Airlie Beach home.last_img read more

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Act fast to get in to these suburbs

first_imgMore from newsParks and wildlife the new lust-haves post coronavirus16 hours agoNoosa’s best beachfront penthouse is about to hit the market16 hours agoThis ‘iconic Straddie beach shack’ has recently been renovated.Called Cabana, the recently refurbished house is on the market for the first time in almost 50 years. It is listed with Discover Stradbroke.Also on the market is 41 Cumming Parade — a five-bedroom house that comes with its own tiki bar and views over Home Beach. It is listed with Ray White North Stradbroke. And this house comes with great views and its own tiki barMeanwhile, Buccan, a semirural suburb in Logan, has many large acreage properties suitable for families. While there are no schools, there are plenty in the adjoining suburbs. The median house prices in Buccan is $638,535 with 12.2 per cent capital growth over the last three years, according to RiskWise. The median equity is $211,180 with a percentage of 53.7 per cent.Closer to the CBD, the leafy suburb of Herston has a mix of heritage and new homes. The latest data from CoreLogic shows that just 12 houses have sold in Herston in the past 12 months, with the median house sales price now $774,500.A search of realestate.com.au revealed available houses in short supply, with just three currently on the market. Harcourt Solutions agent Alan Woo, who works in the Herston area, recently told the Courier Mail that they always had a list of potential buyers keen to get in to the suburb.“Many of the houses are held for a long time and we see a lot of older owner occupiers now selling up and younger owner occupiers wanting to move in,” he said.Of the three available houses, one is being marketed by Place New Farm — a four bedroom Queenslander at 46 Garrick Terrace. The Herston house — listed with Place New Farm — was one of only three on realestate.com.auIt is close to the Royal Brisbane Hospital, Kelvin Grove QUT and CBD, and falls within the catchment of Kelvin Grove State College — major selling points for Herston. This ‘iconic Straddie beach shack’ is on the market.Buccan is next at 18.2 years followed by Herston (17.2), Pallara (17) and MacGregor (16.3).RiskWise CEO Doron Peleg said when an area enjoyed such long holding periods it meant the suburb generally provided “something outstanding” for its residents such as a strong community, location and proximity to employment or the CBD, good schools, transport and services.“If a suburb has some of these characteristics people don’t see any reason to sell. Basically, they don’t want to leave,” Mr Peleg said.“So, unsurprisingly, we see strong demand, solid capital growth and usually short time for days on market.”But getting on to the Point Lookout property ladder has only gotten tougher, with the average hold period now up to 21.1 years, according to the latest CoreLogic data run.Twenty-two houses sold in the past 12 months, with the median sales price now $975,000 — up 30.9 per cent in five years.Only 1.5 hours from Brisbane, Point Lookout is a tourist destination with many of the homes leased out to holiday-makers for part of the year.On the market is the “iconic Straddie beach shack” — a two bedroom cottage at 13 Mooloomba Rd, Point lookout. Beach shack at Point LookoutIF you want to get a property in these five suburbs — good luck! New research has revealed which Brisbane suburbs are the hardest to crack in to.RiskWise Property Research has analysed data from property data experts CoreLogic and revealed that Point Lookout on North Stradbroke Island is the longest held suburb in Greater Brisbane.The island tourist town has an average hold period of 19.7 years, well above the Greater Brisbane average of 11 years.last_img read more

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What the? Noosa unit now more expensive than a Brisbane house

first_imgREIQ chief executive Antonia Mercorella. Photo: Claudia Baxter.Tom Offermann of Tom Offermann Real Estate, who handles some of the biggest home transactions in Noosa, said he was confident 2019 would be a repeat of the past year’s growth as buyers continued to outnumber sellers.“We have negotiated some record breaking sales this year at $14 million, $15.2 million and $18 million, and have more buyers right now with up to $20 million for the right property,” Mr Offermann said. This property at 21-23 Webb Rd, Sunshine Beach, sold for $18 million this year.He said price growth in the region was underpinned by the lack of land available for development because of stringent council planning policies, and the fact around 80 per cent of Noosa was covered by protected green space and waterways. “Buyer demand remains strong, and effectively for someone to move to Noosa, someone has to check out,” Mr Offermann said.More from newsParks and wildlife the new lust-haves post coronavirus15 hours agoNoosa’s best beachfront penthouse is about to hit the market15 hours ago“New residents continue to be drawn from mostly eastern seaboard capital cities, and there is a growing proportion of overseas and expat buyers. “This year we noticed a spike in activity by Sydney buyers, many citing their daily frustrations of battling with worsening traffic jams.” MORE: Brisbane’s ‘bat cave’ has sold This beachfront home at 9 Hedges Ave, Mermaid Beach, sold for $12m in September.Across the rest of the state, the Mackay housing market continued its comeback, with the annual median sale price increasing 5.6 per cent to $340,000.Rental demand is on the rise, putting downward pressure on vacancies and increasing median rents, making Mackay the tightest rental market in the state at 0.9 per cent.“Mackay has become the comeback kid, bouncing back from a very gloomy position just 18 months ago,” Ms Mercorella said. REIQ chief executive Antonia Mercorella said the September quarter had delivered “stunning” growth for the state’s coastal markets, particularly Noosa.“Noosa is the juggernaut that won’t be stopped,” Ms Mercorella said.“It’s our powerhouse market and its growth has been meteoric, to say the least.”Ms Mercorella said a typical unit in Noosa was more expensive than many houses in Greater Brisbane, particularly in the regions of Ipswich, Logan, Moreton Bay and Redland.“This is an area that is highly desirable and is attracting buyers from all over the world,” she said.center_img Sally-Ann and Anthony Caligari with their son Kai, 12, and dog, Tilly, at their Noosa home. Photo: Lachie Millard.A TYPICAL apartment in Noosa is now more expensive than an average house on Brisbane’s outskirts, with the coastal juggernaut’s housing market blitzing the rest of the state.New September quarter figures from the Real Estate Institute of Queensland reveal Noosa was the best performing region in Queensland with the annual median house price gaining 8.7 per cent to a new high of $715,000.But that was outshone by the unit market, with the average apartment price jumping 12.2 per cent to $550,000.Records were broken on both the Gold Coast and Sunshine Coast, with the median house prices for both regions hitting new highs of $580,000 and $629,000, respectively. RELATED: Development set to enhance Coast Tom Offermann of Tom Offermann Real Estate. Picture: Jack Tran.Mr Offermann said the strength in the unit market was due to exceptionally high rental returns generated by holiday units. Anthony and Sally-Ann Caligari and their two children moved to Noosa from the Victorian hamlet of Ocean Grove late last year.“Like everyone else, we moved here for the lifestyle!” Mrs Caligari said.“Why wouldn’t you want to live in Noosa?“We’re so blessed.”The small business owner said she was thankful, but not surprised the coastal region had recorded such strong house price growth.“We wanted somewhere that was going to be thriving for our kids’ sake and for our own business prosperity,” Mrs Caligari said.“We could see the real estate growth potential in Noosa. “The uni’s just down the road and there’s a lot of infrastructure going in around here.”House and unit price growth on the Gold Coast has been well supported by interstate migration and waterfront houses continue to record strong sales.Clive Palmer’s purchase of a beachfront home at 9 Hedges Avenue in Mermaid Beach was a standout sale in September — fetching $12 million.last_img read more

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Massive $6m sale in coveted stretch of riverfront

first_imgThe massive property sits on a stretch of the Brisbane River that has some of the best homes in the city, including that of Gina Rinehart.Negotiations were ongoing through election week, with the deal signed over the weekend, The home is a four bedroom, two bathroom double garage set up sitting on a massive 1,433sq m block of waterfront.More from newsParks and wildlife the new lust-haves post coronavirus13 hours agoNoosa’s best beachfront penthouse is about to hit the market13 hours agoMs Hackett listed it as a “once-in-a-lifetime opportunity to build your own architectural masterpiece on one of Brisbane’s best riverside streets”. MORE: Family splashes millions on rainforest retreat 146 Virginia Avenue Hawthorne, has sold for over $6 million.A waterfront home on a coveted stretch — where neighbours include Australia’s richest woman Gina Rinehart — has sold for over $6 million over the weekend.Place Bulimba signed off on a riverfront property at 146 Virginia Avenue, Hawthorne, which fetched over $6m, agent Sarah Hackett confirmed. The deal, one of the biggest for Brisbane in the residential sector this year, is a sign of positivity for the prestige end of the Brisbane real estate market. MORE: Swift buyer bounceback off election result FOLLOW SOPHIE FOSTER ON FACEBOOK The existing home was described as comfortable, but the site has approval for a massive dream home too.Ms Hackett expected good things out of the market this year, given the first five months had been stronger than last year.“The election was a good because people just want confidence and a clear idea of what’s going to happen, but the market has been very strong this year because banks have started to lend this year and money is so cheap. It’s never been better to borrow.”“We had 100 open houses on Saturday and they were all really busy … Late last year we found the market volatile. It was hard to get (bank) approval even for 14 days. This year we found a complete different turnaround.” It has a new private jetty.It has 24m of river frontage, a new, private jetty and pontoon, and stunning views across a wide stretch of the river.“The original home is comfortable with a new, modern kitchen, large living and outdoor areas, soaking up the mesmerising views,” was how it was described, though the property also has development approval for a “Sumich Chaplin, dream, architectural home, with four ensuited bedrooms, six bathrooms, eight car accommodation and a huge outdoor entertaining and lawn area”. Video Player is loading.Play VideoPlayNext playlist itemMuteCurrent Time 0:00/Duration 0:58Loaded: 0%Stream Type LIVESeek to live, currently playing liveLIVERemaining Time -0:58 Playback Rate1xChaptersChaptersDescriptionsdescriptions off, selectedCaptionscaptions settings, opens captions settings dialogcaptions off, selectedQuality Levels720p720pHD432p432p216p216p180p180pAutoA, selectedAudio Tracken (Main), selectedFullscreenThis is a modal window.Beginning of dialog window. Escape will cancel and close the window.TextColorWhiteBlackRedGreenBlueYellowMagentaCyanTransparencyOpaqueSemi-TransparentBackgroundColorBlackWhiteRedGreenBlueYellowMagentaCyanTransparencyOpaqueSemi-TransparentTransparentWindowColorBlackWhiteRedGreenBlueYellowMagentaCyanTransparencyTransparentSemi-TransparentOpaqueFont Size50%75%100%125%150%175%200%300%400%Text Edge StyleNoneRaisedDepressedUniformDropshadowFont FamilyProportional Sans-SerifMonospace Sans-SerifProportional SerifMonospace SerifCasualScriptSmall CapsReset restore all settings to the default valuesDoneClose Modal DialogEnd of dialog window.This is a modal window. This modal can be closed by pressing the Escape key or activating the close button.Close Modal DialogThis is a modal window. This modal can be closed by pressing the Escape key or activating the close button.PlayMuteCurrent Time 0:00/Duration 0:00Loaded: 0%Stream Type LIVESeek to live, currently playing liveLIVERemaining Time -0:00 Playback Rate1xFullscreenHow much do I need to retire?00:58last_img read more

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’Pocket of beatifulness’ comes with visiting wildlife

first_imgThe home at 23 Bushcherry Ct, Burpengary East. Picture: Supplied.THIS sprawling family home is on a private block where kangaroos come to graze and koalas can be spotted in gum trees.Rebecca and Jake Lechowski bought the property at 23 Bushcherry Ct, Burpengary East three years ago and have loved making it a home with their two young sons.“It’s just one of those homes you fall in love with straight away,” Mrs Lechowski said.“I wouldn’t sell if we didn’t have to but we’re relocating for my husband’s work.“I love the peacefulness of the property. It’s a pocket of beautifulness, a home away from everything yet so close to it all.” The home backs onto a bush reserve home to koalas and kangaroos. Picture: Supplied.“My favourite thing about the home is probably the picturesque outlook from inside,” Mrs Lechowski said. “I love sitting in the family room with my morning cuppa and looking out over the lovely green lawn and bush.” The fenced block has electric gates, a large American barn style shed and established gardens.Mrs Lechowski said the big yard was great for her two young sons. “There’s so much space and it’s a secure property so they are safe to run around and play,” she said. The home is within a five-minute drive of shops, GP clinics, schools, public transport, the Bruce Highway and the local boat ramp. The open-plan kitchen and dining area flows out to the rear deck. Picture: Supplied.More from newsLand grab sees 12 Sandstone Lakes homesites sell in a week21 Jun 2020Tropical haven walking distance from the surf9 Oct 2019The 3,193sq m block backs onto a bush reserve and the home has a formal living and dining space, a media room and an open-plan kitchen, meals and family area opening to the back deck. The kitchen has Caesarstone benchtops, a walk-in pantry and an island bench. The main bedroom has a walk-in wardrobe, separate toilet and ensuite with spa bath, while the three other bedrooms are at the opposite end of the home. The home also has a laundry, family bathroom and oversized double garage with polished floors and built-in cupboards. last_img read more

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Atherton Tablelands property offer range of luxury options

first_imgVideo Player is loading.Play VideoPlayNext playlist itemMuteCurrent Time 0:00/Duration 1:40Loaded: 0%Stream Type LIVESeek to live, currently playing liveLIVERemaining Time -1:40 Playback Rate1xChaptersChaptersDescriptionsdescriptions off, selectedCaptionscaptions settings, opens captions settings dialogcaptions off, selectedQuality Levels720p720pHD540p540p360p360p270p270pAutoA, selectedAudio Tracken (Main), selectedFullscreenThis is a modal window.Beginning of dialog window. Escape will cancel and close the window.TextColorWhiteBlackRedGreenBlueYellowMagentaCyanTransparencyOpaqueSemi-TransparentBackgroundColorBlackWhiteRedGreenBlueYellowMagentaCyanTransparencyOpaqueSemi-TransparentTransparentWindowColorBlackWhiteRedGreenBlueYellowMagentaCyanTransparencyTransparentSemi-TransparentOpaqueFont Size50%75%100%125%150%175%200%300%400%Text Edge StyleNoneRaisedDepressedUniformDropshadowFont FamilyProportional Sans-SerifMonospace Sans-SerifProportional SerifMonospace SerifCasualScriptSmall CapsReset restore all settings to the default valuesDoneClose Modal DialogEnd of dialog window.This is a modal window. This modal can be closed by pressing the Escape key or activating the close button.Close Modal DialogThis is a modal window. This modal can be closed by pressing the Escape key or activating the close button.PlayMuteCurrent Time 0:00/Duration 0:00Loaded: 0%Stream Type LIVESeek to live, currently playing liveLIVERemaining Time -0:00 Playback Rate1xFullscreenQuestions for Millennial home buyers01:41THE Atherton Tablelands has long been a favourite weekend escape for Cairns residents with its acres of green, rolling hills, quaint townships and natural attractions such as wildlife and waterfalls.Dairy farmers were among the first settlers in the Atherton Tablelands, arriving more than 100 years ago, and the locally made ice-cream, gelato, cream, milk, yoghurt and cheese are among the major drawcards of the area.Then there are the coffee and tea plantations such as the Skybury tropical coffee plantation and Nerada Tea Plantation.On top of all that rural goodness, the region also offers a number of secluded and spectacular homes.Here are some of the options for a luxury home with plenty of space if you’ve got more than $1 million to splash. Bedrooms: 5 Bathrooms: 2 Garage: 3 Land: 3.4ha$1.5 millionTwomey Schriber Property GroupShaun Craike 0466 090 016 45 Mather Rd, Yungaburra 51 Angelita Close, Peeramon Bedrooms: 9 Bathrooms: 5 Garage: 5 Land: 1.2haOffers over $1 millionAtherton Realty on the TablelandsRino Gava 0427 779 086 51 Angelita Close, PeeramonArchitecturally designed and immaculately finished, the owner of this home can take in the rural views out to Mt Bartle Frere. No expense was spared in the design and construction of this property, from the chandeliers to the marble benchtops to the top-of-the range appliances and fittings. Space and a spot for a dip.The house comes with a saltwater in-ground pool, landscaped lawns and gardens and a three-bay shed.The two-storey main wing plus three-bedroom self-contained home in the eastern wing lends the property to commercial uses as well.More from newsCairns home ticks popular internet search terms2 days agoTen auction results from ‘active’ weekend in Cairns2 days ago 45 Mather Rd, YungaburraOver three spacious levels, this home satisfies every requirement for those seeking a modern-day country lifestyle.The upper floor comprises the home office, double sized bedroom and central library leading to the master suite wing complete with open-plan walk-in robe, private ensuite and balcony overlooking the hills. A unique indoor pool.The middle level has a modern kitchen and open-plan living areas, with a purpose-built bar nook to service the entertaining deck. On the lower level is a large media room or fifth bedroom, another two bedrooms and a large laundry. A recent addition is the indoor pool complete with heating for the cooler nights, panoramic views and serviced by a two-way bathroom shower and toilet.Peterson’s Creek runs through the property and is home to platypus, while also providing drinking water for tree kangaroos and wallabies. 27 Edwards St, AthertonGated and fully fenced and in the middle of stunningly landscaped gardens with tropical flora and fauna, this home cannot only house a big extended family or plenty of friends on the weekends, but is also the perfect place to entertain.A well-appointed chef’s kitchen is adjacent to the main living area, which comes with a fireplace and full-height picture windows. An aerial shot of the sprawling grounds.A dam on the property is stocked with barramundi and the estate is bordered on one side by a spring-fed creek, which also irrigates the property. Walking tracks and a bridge, greenhouse, palm grotto, citrus orchid, four-car workshop and machinery sheds complete the inviting picture. 27 Edward Street, Atherton Bedrooms: 6 Bathrooms: 3 Garage: 6 Land: 1.21ha$1.7 million negotiableLJ Hooker Cairns Edge HillDavid Hall 0491 332 700Ross Moller 0412 772 229last_img read more

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