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Month: September 2020

UK consultants braced for DB transfer requests

first_imgUK defined benefit (DB) schemes are braced for an increase in valuation requests from members amid a consultation to close off transfers to defined contribution (DC) plans.In this year’s Budget, the government announced plans to liberalise at-retirement choices for DC savers, prompting fears of increased requests for DB members to transfer out.However, in anticipation, the government began to consult on closing off transfers for DB savers for fear a mass exodus would damage the UK’s debt and equity markets.The consultation period ends of 11 June 2014. With any decision to close transfers expected to be immediate, consultancies have reported both statistical and anecdotal evidence of increased action.Barnett Waddingham told IPE it had witnessed a 60% increase in the number of cash equivalent transfer value (CETV) requests from DB members in the three weeks since the Budget, compared to the same period in 2013.Paul Latimer, head of pensions administration at the firm said: “Our increase certainly suggests there could be more awareness to some of the issues from the public. The main thing however is whether the government is going to put a stop to this.”Aon Hewitt partner Lynda Whitney said the consultancy had also witnessed a range of questions from DB members.She said: “From individuals, requests have been around not just CETVs, but people assuming they would be entitled to the flexibility available in DC, and not understanding they will not get this directly from DB.“After this is explained, alongside that we still do not whether they will be able to transfer out, then most are asking for CETVs.”Partner in Mercer’s Financial Strategy Group, Matthew Demwell, said the consultancy had also witnessed increased action from DB members looking for information on pension pots.“Anecdotally, we’re hearing of more people ringing up asking how to get hold of their money. If anything it is more misunderstanding about what people can and cannot do, but this isn’t all that surprising given the Budget headlines,” he said.In addition to this, research from Aon Hewitt showed just one-tenth of trustees, pension managers and finance directors thought transfers should be banned.The government is already looking to ban transfers from public sector unfunded DB schemes, suggesting it cannot manage the cash flow requirements for large transfers.However, in the survey, only 20% thought DB savers should be entitled to the same flexibility as DC savers.The majority of respondents thought transfer should be permitted, but with restrictions, such as extending the Code of Good Practice currently used with incentive exercises.Ben Roe, head of the liability management practice at Aon Hewitt, said: “This looks to be a very sensible balanced position that delegates have proposed.”We could well see a very short-term flurry of activity, as some DB members are concerned that their existing ability to transfer will be curtailed or stopped altogether at the end of the consultation period.”last_img read more

Oxford move could herald Church of England fossil fuel divestment

first_imgThese portfolios include investments in the oil and gas sector and other companies that produce coal, in proportions that are in line with the respective shares of the UK All Share Index and global indices.However, staff pensions will not be affected at present, as they are managed by the Pensions Trust and/or the Church of England Pensions Board.The Rev. Darrell Hannah, who brought forward the motion, said: “Oxford Diocese is challenging the Church of England as a whole to take seriously the threat of climate change and what we as Christians do about it.”However, John Tattersall, chair at Oxford Diocesan Board of Finance, said in a background paper the diocese’s investment advisers had estimated an immediate annual cost of disinvestment from coal and tar sand companies in terms of yield and additional management expenses – because of the increased proportion of the portfolio that would be invested directly – of around £115,000.The advisers estimated that, in the longer run, disinvestment from all companies producing fossil fuels would cost the diocese up to £214,000 per annum, or approximately 1.1% on the annual share that would need to be requested from parishes.The motion also called on the General Synod – the Church’s Parliament – to debate a similar motion on disinvestment, which could, if passed, apply to the Church Commissioners’ £6.1bn endowment fund and the Church of England Pensions Board’s £1.6bn-worth portfolio.If there is sufficient support, the motion will be considered by a future meeting of the Synod.But Richard Burridge, deputy chair of the Ethical Investment Advisory Group, which advises the Church on ethical investment, said: “There are many ways of practising ethical investment, including active engagement with companies and policymakers.“The recommendation to divest immediately from all energy stocks is just one of a number of options, rather than being a silver bullet that will end the multiple threats of climate change.“Carbon emissions remain so embedded in our economic system that the EIAG’s ethical investment policy recommendations will need to be sophisticated.”The EIAG’s own policy review on climate change and investment is expected to be published in the first half of 2015. The diocese of Oxford, one of the Church of England’s 41 dioceses in England, has voted to disinvest from fossil fuel companies and called on the Church as a whole to do the same.The vote was passed by the diocesan synod – the Church’s local assembly – on 15 November.The diocese has also committed to exploring opportunities for reinvesting in clean energy alternatives.The diocese owns approximately £65m (€82.1m) of glebe funds – used to pay clergy salaries – which are invested through Newton Investment Management both directly and through several managed funds, and £2.8m in other trust funds, principally invested in [the Church’s] Central Board of Finance funds.last_img read more

Wednesday people roundup

first_imgAXA Investment Managers – Franz Wenzel has been appointed as an institutional solutions strategist within the Multi Asset Client Solutions investment platform. He will be responsible for the development of multi-asset solutions for institutional clients in Austria, Germany and Switzerland. He was previously chief strategist in the research and investment team, having joined AXA IM in 1997 as a European economist.BlueBay Asset Management – Anahita Firouzbakht has been appointed to the newly created position of director of consultant relations at the fixed income manager. Based in London, she will focus on managing BlueBay’s relationships with consultants within the institutional market. She joins from Pictet Asset Management, where she was vice-president in the global consultants team. Before then, she held positions at Partners Group and Duet Group.British Steel Pension Scheme – British Steel’s pension fund manager Jim Wright has been hired for the launch of a global equity infrastructure fund at Miton. The fund, subject to regulatory approval, will be launched in the second quarter of next year. Wright has been with British Steel since 2006, managing a £560m (€628m) portfolio investing in global infrastructure stocks. He will join Milton in January next year.Schroders – Guy Henriques has been appointed country head for the UK business. He will return from Japan, where he was country head for Schroders from 2012 to August 2016. In addition, Robin Stoakley, managing director of UK intermediary, will hand over the management of the business to James Rainbow, head of UK financial institutions and strategic accounts, and Phil Middleton, head of UK intermediary business development, who will become co-heads.bfinance – Kathryn Saklatvala has been appointed global content director at the investment consultancy. Prior to joining bfinance, Saklatvala was managing editor at Institutional Investor’s Digital Networks, part of Euromoney Institutional Investor.KBI Global Investors – The Dublin-based manager, formerly Kleinwort Benson Investors, has appointed William Lynch as senior vice-president of business development for North America. He joins from New Amsterdam Partners, where he was a partner and head of marketing and client service.Baker & McKenzie – Law firm Baker & McKenzie is to appoint Pauline Bakker to increase the capacity of its pensions services. Bakker has gained eight years of experience at law firm HVG, Dutch pensions insurer Zwitserleven and pensions adviser Watson Wyatt.Eumedion – The corporate governance platform for institutional investors has appointed Amra Baliç to its board. Baliç is head of the London-based investment EMEA stewardship team at BlackRock. She succeeds Frank Curtiss, who has retired.Stap APF – Stap, the new general pension fund of insurer Aegon and its subsidiary TKP Pensioen, has named Gerard Frankema as director. Frankema has been working at Dutch pension funds and pensions-administration providers for the last 20 years. Éric Loiselet (Ircantec), NN Investment Partners, AP3, Skandia Liv, AXA Investment Managers, BlueBay Asset Management, Pictet Asset Management, British Steel Pension Scheme, Miton, Schroders, bfinance, KBI Global Investors, Baker & McKenzie, Eumedion, BlackRock, Stap APF Éric Loiselet (Ircantec) – Éric Loiselet, adviser to Jean-Pierre Costes, president of the €9.2bn French public sector pension scheme Ircantec and a leading figure in responsible investment in France, has died, aged 56. Loiselet was also co-founder and a director of the French responsible investment forum (FIR) and an advocate of the now well-known Article 173 of France’s energy transition law. He was previously also a member of the board of directors at the civil service pension fund ERAFP.NN Investment Partners – Maureen Schlejen has been appointed head of institutional relations for the Dutch market, joining on 1 January 2017. She joins from Robeco, where she has worked for more than 20 years. She will be responsible for NN IP’s sales and relationship management for Dutch institutional clients, including pension funds and insurance companies. Meanwhile, Gabriella Kindert was appointed as manager of alternative credit. Kindert has more than 20 years of experience and has been in managing positions at the former private asset manager MeesPierson and BNP Paribas IP.AP3 – Gunnar Blix has been appointed by the Swedish buffer fund to the role of senior Swedish equities manager. Blix has worked for many years on the Swedish equities portfolio of Skandia Liv (Skandia Life), both as an employee of Skandia and for some of the time as an employee of Den Norske Bank.last_img read more

UK commercial DB consolidator ‘superfund’ loses CEO, financial backer [updated]

first_imgAlan Rubenstein, the chief executive of the UK’s first commercial consolidator of defined benefit (DB) pension schemes, is leaving the company six months after its launched, with a financial backer also pulling out. Rubenstein was stepping down from his position as CEO and would be leaving the business after a “short transitional period”, The Pension SuperFund announced late on Friday evening.Marc Hommel, who has been head of origination, would also be leaving the business, and private equity firm Warburg Pincus would “not continue investing in the business at this stage”, the company added.IPE understands that the departures were due to differences of opinion over the future approach of the business. Luke Webster, co-founder of the consolidator, has replaced Rubenstein as chief executive, a role he will carry out in addition to that as chief investment officer at the Greater London Authority.The Pension SuperFund was launched in March with £500m (€558m) of capital commitments from Warburg Pincus and Disruptive Capital, the family office of Edi Truell, a long-term supporter of pension scheme consolidation in the UK through previous roles as co-founder of the Pension Insurance Corporation (PIC) and chair of the London Pension Fund Authority. The SuperFund was set up as a vehicle to absorb bulk transfers of UK DB pension assets and liabilities and consolidate them into one occupational pension scheme.According to Friday’s statement from the company, Rubenstein and Hommel were stepping down after having brought it “to a position where it has gained strong market awareness and traction”.Thanking Rubenstein, Hommel and Warburg Pincus, co-founder Truell said they parted “with a strong proposition, a significant pipeline and with The Pension SuperFund in a position where it is poised to see its first deal submitted to the Pension Regulator”.The company said it would “imminently” be announcing its trustees and a range of senior appointments as “the business moves into the delivery and execution phase”.Disruptive Capital Finance would be taking on the funding of the business on an ongoing basis, according to the statement, and Warburg Pincus retained the right to restart investing in the company.In a recent interview in his capacity as CEO of the SuperFund, Rubenstein told IPE the company hoped to carry out a pension transfer by the end of this year.Rubenstein – who led the £36bn Pension Protection Fund for nine years before leaving at the beginning of 2018 – also said its financial backers had indicated they would commit to more funding once the SuperFund had covered a first £5bn of pension liabilities.Truell has been a long-time supporter of UK pension scheme consolidation, but his career trajectory has not been without controversy – the early aggressive approach of PIC led to a high profile rebuke by the Pensions Regulator in 2007, in which conflicts of interest in the approach of PIC in its takeover of Telent PLC and the residual £2.5bn in assets and liabilities of the former Marconi Corporation pension fund, were highlighted.This article was updated with the information that Luke Webster has replaced Alan Rubenstein.last_img read more

UK roundup: Pension investors join internships for black youths initiative

first_img“TPR’s guidance on this does not go far enough and leaves the issue open to legal interpretation and unfortunately worse outcomes for members”Laura Meyers, LCP partner and head of DCHowever, property funds could be in breach of the 0.75% charge cap applied to default funds in auto-enrolment arrangements, and according to LCP, “it is understood that some schemes are considering simply leaving member money going into low-risk, but low-return cash funds for the long-term, leaving it to members to make their own decisions”.LCP partner and head of DC, Laura Myers, said: “Where members have actively chosen to invest in property, they have been willing to face higher charges in the hope of securing better returns.“It would be perverse if this was now regarded as a default arrangement and further, in breach of the charge cap. It would be even more perverse if the result was that member funds continue to be invested in an overly cautious way, which is likely to produce a lower pension pot at retirement.“TPR’s guidance on this does not go far enough and leaves the issue open to legal interpretation and unfortunately worse outcomes for members. We urgently need clarity from government and The Pensions Regulator so that members do not lose out.”To read the digital edition of IPE’s latest magazine click here. “We felt we wanted to do something really tangible to build a bench of compelling black talent in our industry for the long-term,” said Sorrell. “By providing such a special entry point into portfolio management, we hope to attract great black students to a career path they may not have otherwise contemplated.”Konotey-Ahulu said: “In over two decades in the City, I have rarely come across anyone who looks like me. It is so powerful that the investment management industry has agreed to help welcome more black talent into our industry. We hope other professions will follow suit and have an impact on the representation of black talent in their own industries.”The organisations participating in the initiative represent various parts of the investment management industry, including long only and hedge funds, private equity, credit and real estate managers, and consultants alongside pension fund investors.More are encouraged to join.£30m building society scheme transfers to DB consolidatorThe £30m (€32.6m) defined benefit (DB) scheme of the Family Building Society has been transferred to TPR Retirement Solution’s DB master trust.The pension scheme will bring 250 members to TPT Retirement Solutions, 66 of whom are currently active in a cash balance section.Andrew Barnard, finance director at the Family Building Society, said the ongoing COVID-19 crisis had accelerated some of the improvements the organiastion had planned.“Collaborating with TPT reduces risk, creates a more robust scheme for our members and the Society, and helps improve our capital position” he said. “We are delighted to have transferred our scheme to TPT’s DB master trust and take advantage of the benefits that this structure offers.”Mike Ramsey, CEO at TPT Retirement Solutions, said: “The current economic situation has brought the benefits of our DB master trust to the fore, as those companies who use TPT have been able to concentrate on their business rather than running their pension scheme.”Government, TPR urged to clarify re-opened property fund treatmentConsultancy LCP has called for the government and pensions regulator (TPR) to provide more clarity about the pensions-related treatment of property funds that re-open after having been gated due to the coronavirus crisis, saying the current situation risked “trapping savers in low return pensions”.According to the consultancy, workplace pension schemes with members that actively chose to invest in property funds will have to make a decision about what to do with future contributions if the member expresses no active preference.It highlighted the legal risk that a property fund could be treated as a default fund if the pension scheme decides that the member would have wanted the money to go into the fund and starts to redirect new contributions accordingly. Railways Pension Scheme and Universities Superannuation Scheme are among some 80 entities in the British investment management industry that have committed to offering a paid internship to university-educated black youths next summer.The initiative is a move to tackle chronic underrepresentation of black people in the City. The programme’s premise is that providing 100 internships for black candidates each year ought to lead to a measurable increase in the number of black portfolio managers in the long-term.The initiative is the idea of Jonathan Sorrell, president of Capstone Investment Advisors, and was led by him and Dawid Konotey-Ahulu, co-founder of Redington and Mallowstreet, Michael Barrington-Hibbert, founder and managing partner of Barrington Hibbert Associate and Wol Kolade, managing partner of Livingbridge.The intern roles on offer are in critically important investment teams and intended to give meaningful opportunities.last_img read more

98-year-old renovated Eight Mile Plains home hits the market

first_imgAFTER: The home at 38 Liverpool St, Eight Mile Plains, has had a full renovation.A RENOVATION inspired by Pinterest has left the home at 38 Liverpool St is barely recognisable. BEFORE: The front of the home before renovation.Originally built in 1920, the Eight Mile Plains house had some updates over the years, with multiple different types of flooring and a retro kitchen.Owner Junior Faraimo bought the home two years ago, gaining inspiration from Pinterest, and has since transformed the property.“It’s been a full renovation,” Mr Faraimo said.“There’s a new bathroom, new kitchen, new flooring and two new decks.” BEFORE: The kitchen was retro, with mustard coloured cupboards. The floorplan of 38 Liverpool St, Eight Mile Plains.Video Player is loading.Play VideoPlayNext playlist itemMuteCurrent Time 0:00/Duration 7:28Loaded: 0%Stream Type LIVESeek to live, currently playing liveLIVERemaining Time -7:28 Playback Rate1xChaptersChaptersDescriptionsdescriptions off, selectedCaptionscaptions settings, opens captions settings dialogcaptions off, selectedQuality Levels576p576p480p480p256p256p228p228pAutoA, 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 Rate1xFullscreenPrestige property with Liz Tilley07:29 More from newsDigital inspection tool proves a property boon for REA website3 Apr 2020The Camira homestead where kids roamed free28 May 2019AFTER: The kitchen is modern but still fits in with the cottage style of the home.The home has also been painted inside and out, and the wooden floorboards polished.The character of the cottage remains intact, with VJ walls and high ceilings throughout, along with the fretwork being restored.The residence has three bedrooms, the master with a space that could be used as either a walk-in robe or dressing room.The bathroom has a rainwater showerhead, a round mirror and statement black tapware. BEFORE: The living room was carpeted and separate from the dining room. BEFORE: The dining room had different walls to the lounge, and was a separate room. AFTER: The VJ walls are now uniform throughout the home, and the open-plan kitchen, living and dining opens out to the deck through bi-fold doors.Now Mr Fairaimo is looking to upsize and said the Liverpool St property would suit a first-home owner.“It’s a very cosy and comfortable house,” he said.“It would suit a young or new family, and first-home buyers.”He said the neighbourhood was filled with friendly, long-term residents.“It’s a very quiet street,” he said.“The neighbours have been there for a while and everyone knows each other.” AFTER: New VJ walls have been put up, and the wall opened up to the dining room.Mr Faraimo opened up the once-separate kitchen, living and dining areas to give the home a less cluttered feel.“I love how with the open plan living you can walk straight into the kitchen and lounge room, and then on to the deck and the backyard,” he said.last_img read more

Seven’s Katie Toney reveals her property dreams

first_imgKatie Toney at her current home in Yandina.WHETHER it’s a renovated cottage or a brick and tile home, Queenslanders love their real estate and talking about their homes. Online news presenter at 7 Queensland, Katie Toney talks about hers. FIRST HOME Our first home was in Bald Hills, I think we paid $390,000. It was the perfect “first home’’ — low maintenance, a yard for the dogs and within budget. At that stage we weren’t overly picky about the home as we were keen to get out of the rental cycle and just wanted to break into the market. Online News Presenter at 7 Queensland Katie Toney’s first home in Bald Hills was “perfect”. CURRENT HOME More from newsParks and wildlife the new lust-haves post coronavirus16 hours agoNoosa’s best beachfront penthouse is about to hit the market16 hours agoWe’ve recently moved to acreage at Yandina and we absolutely love it. We were previously in a little worker’s cottage in Nambour which was fine when it was just the two of us but now with two little kids (aged 4 and 6), chooks, dogs, cats, campers, boats, bikes and a love of lighting a bonfire, we really needed some space.It’s flat land too so there’s plenty of usable space. We’re surrounded by bush. Lucky we’re not too fazed by snakes as we had a couple of very big visitors over summer. We hope it’ll be a place we can make lots of memories with the kids and somewhere they can bring their friends when they’re teenagers. DREAM QLD HOME (It) would be a renovated Queenslander with all the mod cons. As for location, somewhere in the tropical north with a cane paddock out the back and where the wraparound veranda catches the sea breeze. FANTASY HOME So if I win lotto you can expect to find me in a luxurious penthouse in Paris or perhaps a ranch in Nashville would be better suited — after all, I’ll need room for more chooks. FOLLOW THE COURIER-MAIL REALESTATE ON FACEBOOK Video Player is loading.Play VideoPlayNext playlist itemMuteCurrent Time 0:00/Duration 9:24Loaded: 0%Stream Type LIVESeek to live, currently playing liveLIVERemaining Time -9:24 Playback Rate1xChaptersChaptersDescriptionsdescriptions off, selectedCaptionscaptions settings, opens captions settings dialogcaptions off, selectedQuality Levels720p720pHD288p288pAutoA, 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 Rate1xFullscreenCoreLogic Brisbane Housing Market Update – August 201809:25last_img read more

Former National Party Minister Mick Veivers and wife Betty sell Gold Coast home

first_imgFormer Member for Southport and Australian Rugby League player Mick Veivers and his wife, Betty, have sold their Benowa home. Picture: Jerad WilliamsAFTER owning it for more than three decades, former National Party minister and Australian rugby league player Mick Veivers and his wife Betty have sold their sprawling Gold Coast home at auction during the weekend for $880,000. 14 Evans Drive, Benowa. 16 Surf St, Mermaid Beach sold under the hammer during the weekend for $1.706 million. Mick Veivers and his wife, Betty in their Benowa home they just sold. Picture: Jerad Williams 14 Evans Drive, Benowa. More from news02:37International architect Desmond Brooks selling luxury beach villa14 hours ago02:37Gold Coast property: Sovereign Islands mega mansion hits market with $16m price tag2 days agoRay White Queensland auctioneer Phil Parker, who called the auction, thanked the crowd for attending on Remembrance Day before he asked for opening bids.At 12.13pm, a bid of $750,000 started proceedings.Twelve bids followed by three active bidders before the auction was paused at $880,000.Following negotiations with the Veivers family, the property was placed on the market. MORE NEWS: Does this home have the best views on the Gold Coast? Former Member for Southport and Australian Rugby League player Mick Veivers and his wife, Betty have sold their Benowa home. Picture: Jerad WilliamsThe crowd, which included families, neighbours and even passersby walking their dogs, were given ice blocks and bottles of water to keep cool.Tim Grevell of Ray White Benowa marketed the property and said both the vendors and buyers were pleased with the outcome.“It’s a big decision when you sell a home,” Mr Grevell said.“(The sellers) said they were extremely happy with the result.”“We had 58 groups through the home over four weeks which proves the market is active.“People appreciated that this was a lovely block, opposite a park and a well built home.”The four-bedroom, two-bathroom house sits on a 1252sq m block and has a number of character features including timber ceilings, exposed brick and an open fireplace. The Veivers have lived a happy life in the home and made many memories they won’t forget, including when Mr Veivers was elected to parliament for the first time. MORE NEWS: Luxury apartments selling fastcenter_img The pair, who lived in the Benowa house at 14 Evans Dr for 36 years, had decided to sell so they could downsize. “It’s lovely and it overlooks the park, it’s just that it’s a bit big,” Mr Veivers, a former Member for Southport, told the Bulletin.About 80 people, including 10 registered bidders, turned out to see the house go under the hammer yesterday. 14 Evans Drive, Benowa. 14 Evans Drive, Benowa. 14 Evans Drive, Benowa. It sold to a Gold Coast couple at 12.27pm, exactly 14 minutes after opening bids were called.“They (the sellers) didn’t muck around, they were here to sell it,” Mr Parker said.“The buyers were nice people who spoke really highly of the vendor.“The Veivers are happy, the buyers are happy and we would have a couple of unhappy underbidders who missed out.” 1 St Raphael Terrace, Sorrento sold for $1.2 million over the weekend.Other weekend sales included a beach house at 16 Surf St, Mermaid Beach.It was all about location when the house sold under the hammer for $1.706 million on Saturday to a Mermaid Beach resident. Luke Henderson and Cindy Katene of Professional John Henderson marketed the property. Sam Guo and Julia Kuo of Ray White Broadbeach also sold a Sorrento house at auction during the weekend. The property at 1 St Raphael Terrace sold for $1.2 million.Video Player is loading.Play VideoPlayNext playlist itemMuteCurrent Time 0:00/Duration 1:58Loaded: 0%Stream Type LIVESeek to live, currently playing liveLIVERemaining Time -1:58 Playback Rate1xChaptersChaptersDescriptionsdescriptions off, selectedCaptionscaptions settings, opens captions settings dialogcaptions off, selectedQuality Levels720p720pHD576p576p360p360p216p216pAutoA, 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 Rate1xFullscreenWhy location is everything in real estate01:59last_img read more

Rare $250,000 house in Brisbane

first_img5 Greenwood St, Kingston, is on the market priced at $250,000. Picture: Realestate.com.auIn a rare move, a home has hit the market for less than the lowest median house price of any suburb in Brisbane.Video Player is loading.Play VideoPlayNext playlist itemMuteCurrent Time 0:00/Duration 0:41Loaded: 0%Stream Type LIVESeek to live, currently playing liveLIVERemaining Time -0:41 Playback Rate1xChaptersChaptersDescriptionsdescriptions off, selectedCaptionscaptions settings, opens captions settings dialogcaptions off, selectedQuality Levels720p720pHD540p540p360p360p270p270pAutoA, selectedAudio Trackdefault, 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 Rate1xFullscreenCheap homes on the market00:41At $250,000, the house price was lower than not just its own suburb median but below any other suburb in the Queensland capital.The price was also less than half the Brisbane median house price in the latest CoreLogic Market Trends report ($532,000) and under the median of the cheapest place to buy a house in Brisbane this past year — Ellen Grove ($292,000 median house price).5 Greenwood St, Kingston, has hit the market at $250,000. Picture: Realestate.com.au It has a massive backyard. Picture: Realestate.com.auMore from newsParks and wildlife the new lust-haves post coronavirus14 hours agoNoosa’s best beachfront penthouse is about to hit the market14 hours agoThe double storey house at 5 Greenwood Street, in Brisbane working class suburb Kingston, has clearly seen better days. It does need some serious elbow grease and maybe even a solid plan for contingencies.But it is what agent Phil McGrath of Impact Property termed a “renovators delight”.“The house is in need of repair. This is where your opportunity lies. The house is structurally sound but needs renovation to the bathroom, kitchen. The house needs painting internally and externally too as well as some TLC. It is straight out of the 1980s.”There is potential for more entertainment space downstairs. Picture: Realestate.com.au Gutting the bathroom is a good option. Picture: Realestate.com.auAccording to the realestate.com.au listing, houses surrounding the property that have been renovated have sold for “a lot more money than this house will sell for”.It will be sold as vacant possession and has had tenants month to month.FOLLOW SOPHIE FOSTER ON FACEBOOKVideo 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

Your castle beneath ‘the’ Castle

first_imgThe home has high ceilings and polished timber floors and is fully air-conditioned, although Mrs Purse said the layout of the home allowed excellent cross ventilation which kept the home cool.It has undergone extensive renovations, been rewired, re-plumbed, re-glazed, and has a new roof.More from news01:21Buyer demand explodes in Townsville’s 2019 flood-affected suburbs12 Sep 202001:21‘Giant surge’ in new home sales lifts Townsville property market10 Sep 2020 OLD world charm and character were what drew Carey and Justin Purse to their home in Victoria Street, North Ward when they first saw it in late 2008.The couple were really taken by the charm of the 1930s Bushman’s Retreat and have loved it ever since but plans to downsize mean they are now offering it for sale. What a view!!!!The five-bedroom, three-bathroom, house has plenty of views on offer including the ocean, island, Castle Hill and the city.Mrs Purse said she thought they were in the perfect location and felt like Castle Hill and The Strand were part of her own backyard. There are multiple indoor and outdoor living spaces across the two-level home, which has a self-contained studio apartment on the lower level.This apartment has its own kitchen and there is a laundry and substantial storage areas on the lower level, as well as parking for two cars. On the upper level of the house is an open plan dining and lounge room, as well as a family room, which opens onto a deck and the kitchen which has granite benchtops and European appliances. The upper and lower back decks overlook the swimming pool and irrigated landscape gardens.“I just loved the natural light throughout the house when I first saw it,” Mrs Purse said.“My favourite part of the house would be the back deck of the house where we eat breakfast all the time. That is where we spend so much of our time.”Bi-fold doors on the upper level opened the living area out onto the deck, allowing breezes to move throughout the home.Mrs Purse said she would also miss the location, being able to just head out in her walking shoes for the day to go exploring around the area, whether it was walking up Castle Hill, along The Strand, or visiting a local coffee shop.While they are keen to downsize, Mrs Purse said she would really miss the house, which had suited their needs so well.last_img read more