Coverage ratios at Dutch pension funds plunge over July – Aon Hewitt

first_imgFixed income holdings returned 4.1% on average, while equities returned 1.3%.The consultancy noted that, if interest rates were to remain at their current level, the UFR would drop to 1.8% within the next 10 years. Frank Driessen, chief commercial officer for retirement and financial management at Aon Hewitt, said: “This could further hamper pension funds’ recovery and lead to premium increases, as well as economising on pension arrangements.”According to Aon Hewitt, pension funds’ policy funding – the average funding for the previous 12 months, and, under the new financial assessment framework, the criterion for indexation and rights cuts – remained at 107% on average. The coverage ratios of Dutch pension funds ratios plunged by 4 percentage points to an average 104% over the month of July, due to falling interest rates and a reduction of the ultimate forward rate (UFR), according to figures from Aon Hewitt. The regulator caught many in the industry by surprise when, in mid-July, it lowered the UFR – part of the discount rate for liabilities – from 4.2% to 3.3%.At the time, it conceded that the change to the UFR would reduce schemes’ funding by 3.5 percentage points on average.According to Aon Hewitt, Dutch pension funds returned 2.9% on average over the month of July, failing to offset a 3.6% increase in liabilities over the period.last_img read more

European Commission re-shuffles staff at FISMA Directorate-General

first_imgMusical chairs for top positions affecting three key directors in the Cabinet of the European Commission’s Directorate-General (DG) for Financial Stability, Financial Services and Capital Markets Union (FISMA) are due to come into effect on 1 May.Martin Merlin will take over directorship covering financial institutions.The DG looks after the regulation and prudential supervision of banking, retail financial services and insurance and pensions.Reporting to him, Nathalie Berger remains in position. Merlin’s background, starting in 1997, includes working on insurance and pension funds issues.He will replace Mario Nava, who will move to the directorate dealing with financial system surveillance and crisis management.This includes euro-zone and national financial systems, as well as crisis management.In Merlin’s former position in the Cabinet was Ugo Bassi. His role will embrace the Capital Markets Union programme, financial markets infrastructure, securities markets and asset management.In former years, Bassi’s responsibilities covered “capital and companies”.John Berrigan, as deputy director-general, continues to oversee the four policy directorates, including the one for investment and company reporting, for which the director’s post will be filled in due course.Director-general for FISMA remains Olivier Guersent, who reports to commissioner Jonathan Hill. On 1 September 2015, Guersent replaced Jonathan Faull, who was appointed director-general of the Task Force for Strategic Issues Related to the UK Referendum.The European Commission said it re-shuffled its staff at FISMA in an effort to “make the best use of its resources”.  Unchanged in her position is Pamela Brumpter-Coret, in charge of human and financial resources, and communication.last_img read more

Four Danish pension funds return to PRI, but two still unconvinced

first_imgFour of Denmark’s biggest pension funds have once more become members of the UN-backed responsible investment organisation PRI (Principles for Responsible Investment), after quitting the body in 2013 in protest at the way it was run.But Industriens Pension and PensionDanmark – the two other major pension funds in the Nordic country that left the PRI at the same time – have not said they are re-joining.In a joint statement, ATP, PFA, PKA and Sampension said they had decided to join the PRI again.They said: “In 2013, the pension companies withdrew membership from the organisation, as it did not meet the basic requirements for management structure.” The decision about resuming membership was made after three years of critical dialogue with PRI’s board, they said.Ole Buhl, head of ESG at ATP, told IPE: “When we left in 2013, we stated a number of concerns, and what we have been evaluating is whether all those concerns have been met.”He said ATP was now happy with the new governance of the PRI, even though it had not reverted to the old constitution but rather adjusted the new constitution it subsequently put in place.Under the old framework, ATP and other investors were legal members of the organisation – which ATP preferred – but now their status is simply that of signatories.“We are very happy, and sometimes you don’t get everything you ask for,” Buhl said.The four Danish pension funds said PRI chairman Martin Skancke had listened to their criticism, and that the organisation had changed both policies and management structure, as well as increased the “visibility” of its plans and decisions.“Thirdly, the board has been receptive of arguments in the ongoing dialogue with the Danish pension companies,” they said in the statement.During the period when they were not part of the PRI, the four funds said they had complied with the UN-supported principles for responsible investments. Skancke said the organisation was delighted to welcome the four Danish pension funds back.“We have had constructive informal discussions with them over the last several months and sought to explain how their governance concerns were addressed following our governance review, which was approved by more than 95% of signatories voting,” he said.“This overwhelming support for the new governance structure and articles of association clearly demonstrated that signatories were pleased with and supportive of these changes.”PensionDanmark, meanwhile, said the situation regarding the PRI had not changed.Jens-Christian Stougaard, PensionDanmark’s senior vice-president for business development, analysis, public affairs and corporate social responsibility, said: “We have not had any direct discussions with the PRI since a meeting in November 2015.“When we left the PRI in 2013, it was because we observed that the governance of PRI did not live up to the standards we expect. “If the PRI re-establishes the original principles of governance – for example, membership rights, having an AGM, etcetera – we will give serious consideration to re-joining.”Until then, Stougaard said the pension fund would carry on with its efforts as an active and responsible investor across asset classes and geographies.last_img read more

Danish engineers’ pension funds agree to pool contributions

first_imgDIP originally covered only civil and academic engineers, while ISP Pension provided plans for technical and diploma-level engineers. Now both funds include all these types of engineers and other science graduates in their memberships.Peter Falkenham, chairman of DIP’s supervisory board, said: “I am extremely pleased with the content of the letter of intent and look forward to further work with the parties.”However, Lars Bytoft, chairman of the ISP supervisory board responded more cautiously, saying it was best for the scheme’s members to wait and see how the planned merger between DIP and the lawyers’ and economists’ pension fund JØP panned out.The DIP/JØP merger is scheduled to take place in 2019.“The merger between ISP and the merged pension fund (DIP and JØP) is expected to occur in 2020, provided that the expected potential of the merger in terms of cost savings can be achieved,” Bytoft said.ISP said it had also received an offer to merge with commercial mutual provider AP Pension, but that this had been rejected.However, ISP said it would continue to employ AP Pension as manager for the next few years.ISP outsourced all its activities to AP Pension several years ago but retained its independence as a pension fund.Danish financial daily newspaper Børsen reported yesterday that the merger would result in more than DKK16bn of pensions assets being taken away from AP Pension. A spokesman for AP Pension said it had no comment on the report. Labour-market pension provision for engineers in Denmark has moved one step closer to unity after the two main industry pension funds signed a letter of intent with the Danish Society of Engineers (IDA).The parties have specifically agreed that, from April next year, all contributions from new members joining the engineers’ pension fund ISP will be directed into the DIP pension fund for the profession.Earlier this year IDA proposed merging the two funds into a new DKK51.1bn (€6.9bn) fund to be called IDA Pension.After talks resulting from that proposal, DIP, ISP and IDA have now signed a letter of intent in which ISP agreed to work to ensure the most economically advantageous arrangements for current and future members in a single pension fund, ISP said.last_img read more

People moves: Sweden’s AMF appoints new investment boss [updated]

first_imgAMF, Unilever, AXA Investment Managers, Investment Association, Schroders, Aviva, Ortec Finance, Newton, BBSA, SNS Reaal, BMO, Smart Pension, Barnett Waddingham, Avida, Muzinich, Aegon, LaSalleAMF — Tomas Flodén  has been appointed as the new CIO for the SEK590bn (€56bn) Swedish pension fund AMF. Currently head of staff and vice president at the Stockholm-based fund, Flodén is replacing Javiera Ragnartz in the top investment role.Ragnartz is leaving the company for a new job as chief executive of SEB’s subsidiary SEB Investment Management, where she will also be taking charge of the bank’s investment activities. Ragnartz has been CIO at AMF since the spring of 2017. Flodén has previously worked as head of staff and chief economist at the Swedish Financial Supervisory Authority (Finansinspektionen) and has also worked at the Swedish central bank. He will take up the position of CIO at AMF in April and Ragnartz is due to start at SEB in the summer. Unilever – Willy Westerborg has started as finance and risk director at the Dutch general pension fund of Unilever, which comprises its pension funds Forward and Progress. She succeeds Michael Kaal, who was appointed managing director for fixed income at PGIM Netherlands in November.Westerborg joined from ABN Amro, where she left as cluster head of modelling review and calibration. She has been a board member of the €20.5bn ABN Amro Pensioenfonds since 2013 and is a trustee at Vervoer, the €26bn sector scheme for private road transport.AXA IM/Investment Association – AXA Investment Managers’ head of UK Philippe d’Orgeval has joined the board of the Investment Association, the trade body for the UK’s £7.7trn (€9trn) asset management industry.He has led AXA IM’s UK operations since January 2016, and was previously the company’s chief risk officer. He joined in 2001 having worked for a number of companies as an analyst and portfolio manager.Schroders – The UK listed asset manager has appointed Deborah Waterhouse and Leonie Schroder as directors, effective from 11 March 2019. Waterhouse is currently chief executive of ViiV Healthcare, while Schroder is active in the charity sector and is part of the Schroder family.The pair replace Robin Buchanan, who is to retire in May, and Bruno Schroder, who died last month. Aviva – Maurice Tulloch is the UK insurer’s new CEO, succeeding Mark Wilson. Tulloch has worked at Aviva since 1992 and has been CEO of its international business and its UK and Ireland arm.Separetely, Aviva Investors, the insurer’s global asset management unit, has hired Stephen Castle as head of UK consultant relations. Most recently he worked at Pictet Asset Management and before that at Legal & General Investment Management. Ortec Finance – Godert Burghard has been named chief commercial officer as of 1 March. As a member of the executive team, he will be tasked with worldwide expansion. Ortec said that Burghard had ample international experience in portfolio management, gained at BT Global Services and digital security firm Irdeto.Newton Investment Management – Newton has appointed former Old Mutual Asset Management CEO Kevin Carter as an independent non-executive director. He has also led the European investment consulting business at Watson Wyatt – now part of Willis Towers Watson – and JP Morgan Securities. Carter also chairs the investment committees at the Universities Superannuation Scheme and the BBC Pension Trust.Bernische BVG- und Stiftungsaufsicht (BBSA) – Susanne Schild has been appointed the new managing director of the Swiss supervisor for pension funds and foundations in the canton of Bern, and pension funds based in Freiburg. Effective 1 October, she will replace Hansjörg Gurtner, who is retiring after 10 years at the supervisory authority. Schild currently works for comPlan, the CHF10.4bn (€9.3bn) pension fund for the telecommunications firm Swisscom. BBSA oversees more than 1,200 institutions with total assets of around CHF204bn. SNS Reaal – Margreet Oostenbrink has started as independent chair of the €3.4bn pension fund of SNS Reaal. She succeeded Han Thoman, who stepped down after a six-year period.Oostenbrink is a former director of pension management at Syntrus Achmea. Since 2015, she has been working as an independent trustee and adviser. She is also a member of the supervisory boards at BpfBouw, the €58bn sector scheme for the building industry, and the €358m corporate scheme of Rockwool.BMO Global Asset Management – Christy Jesudasan has joined the asset manager as director of institutional fiduciary solutions sales in the UK as BMO seeks to increase its footprint in the UK market. Jesudasan has previously worked in the fiduciary businesses at Kempen, MN and Mercer. Smart Pension – The UK defined contribution (DC) master trust has hired ex-Aegon and BlackRock DC managing director Paul Bucksey as director of UK distribution. Bucksey worked on the transfer of BlackRock’s UK DC platform to Aegon, which completed last year.Andrew Evans, Smart Pension co-founder and CEO, said: “Paul has extensive expertise in the UK’s pension industry spanning two decades and at a very senior level.  His deep understanding and impressive market influence will be key as we evolve into a leading player in the wider DC marketplace.”Barnett Waddingham – The consultancy group has hired Rosie Marsh to its actuarial consulting team. She was previously at JLT, where she had been a scheme actuary and client relationship manager for 13 years. She has also worked at Mercer as a consultant.Avida International – Beatrice Herrmann has joined the German team of Avida International as a senior consultant. She has spent more than 25 years advising pension funds in roles at Mercer, Commerzbank and Allianz Group. She is a former managing director of Mercer’s German group trustee, which is the largest group trustee in Germany offering pension protection in case of insolvency.Muzinich & Co – Archie Beeching has left the Principles for Responsible Investment (PRI) to join corporate credit-focused asset manager Muzinich as director of responsible investing, a newly created role. He worked at the PRI for seven years, initially leading on fixed income and latterly as head of private markets. Aegon AM – Aegon Asset Management has appointed Rebecca Dreyfus, Stephanie Mooij and Gerrit Ledderhof to its global responsible business and public affairs team.Ledderhof joins as a responsible investment manager, having previously worked at the environment ministry in Canada. He has also worked as a strategy manager at the Carbon Trust in London.Dreyfus and Mooij join as senior engagement associates. Dreyfus was previously at Sustainalytics where she was a client relations manager for Scandinavia. Mooij recently completed a PhD on ESG integration at Oxford University and has previously worked as an investment analyst at Ownership Capital.LaSalle Investment Management – The $59bn real estate asset manager has appointed Karen Brennan as CEO for its European business. She is currently head of custom accounts in the Americas for LaSalle.Brennan succeeds Simon Marrison, who is to become the group’s chairman. He has led the company’s European arm for 12 years. The transition will take effect from 30 June.last_img read more

​LD tenders DKK1bn Danish equities, ‘many more’ mandates to follow

first_imgDanish pension fund manager LD Pensions has kicked off a tender process for a DKK1bn (€134m) Danish equities mandate, and is set to offer a stream of further equity investment management contracts in the next 12 months.The firm, which manages the mature Lønmodtagernes Dyrtidsfond (legacy cost-of-living allowances fund), is currently preparing to manage a new fund, the Danish holiday allowances fund Lønmodtagernes Feriemidler. The Copenhagen-based organisation, which faces uncertainty as to how much it will be able to invest for the around DKK100bn new fund, said the value of the Danish equities mandate could increase.Kristoffer Fabricius Birch, head of equities at LD Pensions, told IPE: “We put the initial expected mandate size as DKK1bn, because this mandate will work for both the current LD fund and the holiday allowance fund.“The companies might maintain the holiday liabilities on their own balance sheet, so we don’t know what will become investable. That’s why our initial thought would be about DKK1bn but it might increase up to perhaps another billion or more,” he added. LD Pensions was selected to manage the new fund in 2017, after the EU deemed Denmark’s decision to delay holiday rights as unlawful in 2015. This granted a new lease of life to the firm, which had previously expected to close its doors within the next decade. Kristoffer Fabricius Birch, head of equities at LD PensionsFabricius Birch told IPE that LD Pensions will be launching “many more” tenders in the near future. Over the next 12 months, these will be foreign equity mandates such as smart beta and some active management. After that, he said, the firm will also tender mandates for fixed income investments.The new Danish listed equities mandate is a five-year contract, with the option for two 12-month renewals. The deadline for the receipt of tenders is 11pm on 22 August.The mandate is to be managed actively, with a long-term investment horizon, and the investment process must include both financial, strategic, and environmental, social and corporate governance (ESG) criteria and research, said LD Pensions, which is tendering on behalf of its subsidiary Kapitalforeningen LD (KLD), with whom the contract will be signed.The successful manager must have experience in engagement with companies in the investment universe in order to encourage and drive change and improvement on ESG matters, LD Pensions said in the announcement.last_img read more

Sun shines on Brisbane auctions

first_imgWinning bidders and new owners Tom and Tiffany Kornacki. Auction at 29 Robe St, Newmarket. Saturday July 14, 2018. (AAP image, John Gass)“Not sure what we are going to do yet, demolish or incorporate the old house in to a new build,” Mrs Kornacki said.Mr Kornacki said they lived nearby, and were ready for a new project. Ray White auctioneer Mitch Peereboom said the vendors would now look at moving to Toowoomba, and were please to start their next chapter.“This marketplace is performing really well. People want the positions where there is that capital growth,” he said. As of 3pm, Mr Peereboom had sold five out of seven properties, saying it was a sign that confidence had returned to the market since the start of the new financial year.At Highgate Hill, Ray White auctioneer Phil Parker sold two for two.More from newsParks and wildlife the new lust-haves post coronavirus17 hours agoNoosa’s best beachfront penthouse is about to hit the market17 hours ago After 60 years in the one family, a young family are the new owner of 18 Gertrude St at Highgate Hill“The one at 18 Gertrude St sold to a young family for $850,000,” he said. “The house had been in the vendors family for 60 years so it was a big decision to sell. They are happy.”Mr Parker said a 1950s house at 27 Julia St sold under the hammer for $1.47 million after being in the same family for 30 years. “It was a good day,” he said. Auction at 29 Robe St, Newmarket. Saturday July 14, 2018. (AAP image, John Gass)A NEWMARKET house bought as an investment property almost three decades ago has sold under the hammer for seven times what the owners paid for it.Grey nomads Ray and Janet Kirkman bought the four bedroom house at 29 Robe St for $110,000 back in 1990, and it has been rented ever since. A young Chinese family will now call 131 Chester Rd at Eight Mile Plains home.“There were more than 10 bidders but the bids jumped quickly so a lot of people had no chance,” Place — Sunnybank agent Owen Chen said.“It was a battle between a middle-aged Chinese lady and the young Chinese family.” At Graceville, it was the agents who were biting their nails as a vacant block of land at 20 Strong Avenue went under the hammer.Place — Graceville owners Gary and Viviana Eaton had planned to build on the site, but were happy with the $835,000 result.Four bidders kept the auctioneer at 81 Mackay St, Coorparoo, busy, with the house selling to a young family for $955,000.Harcourts Property Centre agent Patrick Ivey said the bidding was “really active”, with the new owners’ brother bidding on their behalf.“They were in Melbourne for the auction … they are thrilled,” he said. It is a bit business at the front at this 27 Julia St Highgate Hill house but its a party out the back with views of the cityA six bedroom house with two lifesized terracotta warriors at 19 Mawson St, Kedron, was passed in at auction, but negotiations are continuing.On the southside, a house on a huge 1416sq m double block at 81 Fairbank St at Eight Miles Plains sold for $1.203 million — $403,000 more than the owner paid in 2003.Also in Eight Mile Plains, a “master-crafted mansion” at 40 Walker Circuit sold to a local family for $1.03 million.And another sprawling property at 131 Chester Rd was sold to a young family for $1.43 million. 29 Robe St, Newmarket (AAP image, John Gass)The couple said they only upgraded a few things to the house over the 28 years, labelling it a “great investment”. “Location, location, location,” Mrs Kirkman said. Bidding started at $650,000, with three bidders raising their hand or paddle. It stalled at $710,000, but private negotiations secured an offer of $775,000 and the auction continued.No other offers were made, and the house was sold to Tom and Tiffany Kornacki, who said the outlook, position and location of the house was what drew them in. A Brisbane family, who were in Melbourne at the time of auction, made a successful bid for 81 Mackay St at Coorparoo via a family memberlast_img read more

Unit prices on the rise

first_imgReal Estate agent, Damien Keyes on The Strand, Townsville.TOWNSVILLE’S unit market is officially in recovery with prices jumping 7.7 per cent in the last financial year.The median unit price is now $280,000, up $20,000 according to the latest REIQ’s Queensland Market Monitor Report.According to the REIQ, Townsville’s unit market performance was exceptional, recording the second largest annual unit price growth of the markets analysed in the report.The rise has been attributed to a steady volume of annual unit sales coupled with a fall of listings volumes, however prices are yet to return to highs of five years ago when the median price was $310,000.In comparison median house prices have dropped 3.3 per cent from $335,000 to $324,000.REIQ Regional director and Keyes & Co Property principal Damien Keyes said units, especially those in the city or city fringe, were enjoying a revival in popularity.“We’ve had a few good results in the inner city with Dalgety apartments and both were owner occupiers who were empty nesters and wanted to make a move into the city,” he said.“Both two-bedorom and one-bedorom units are getting some action from buyers, particularly investors.“We’ve definitely seen the numbers pick up with units so there is no surprises there that prices have risen because it was depressed for so long.”In the 12 months until the end of June 2108 houses were sold in the Townsville region.Thuringowa Central was the best performer in the housing market with the median house price increasing 28 per cent to $320,000.That was followed by Idalia recording an increase of 21.3 per to $485,000 while in third place Rasmussen was up 19.9 per cent to $347,500 followed by North Ward up 15 per cent to $575,000.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 2020In the unit market West End was the best performer over the 12 months with the median price going up 49.3 per cent to $280,000 and North Ward increased by 32 per cent to $326,000.Mr Keyes said North Ward houses and units were performing well as it was an ideal place to live and stock there was selling quickly.“North Ward is so attractive to buyers and there is always stuff happening there whether it be at The Strand, Jezzine or Queens Gardens,” he said.“It’s risen quiet sharply and the stock is very tight in North Ward so when properties come on there they are well visited.“There has been a lot more buyer confidence this calendar year and it’s great to see some suburbs performing well and although broader price jumps could still be a long way off, the early signs (of price grwoth) are there.”Townsville’s market is also expected to benefit from State Government spending with $841 million committed to the North Queensland region including $120 million to continue the construction of the North Queensland Stadium, $63 million towards the expansion of the Port of Townsville and $26 million to redevelop the TAFE facilities.However, unemployment remains high at 9.1 per cent as of June 2018.REIQ chief executive Antonia Mercorella said despite the until market improving, Townsville’s property market was still struggling.“There were some areas where we were expecting to see better results such as Townsville,” she said.“The local economy continues to struggle and until employment figures improve it’s difficult to see how the housing market can deliver any meaningful growth.”last_img read more

QLD homes win national architecture awards

first_imgJudges were impressed with the “painstaking detailing” in Gibbon Street by Cavill Architects. Picture: Christopher Frederick Jones.“The journey from the sunken living area at the front door to the floating sitting room — which hovers between an internal planted courtyard and the backyard — is a delightfully choreographed experience.” Video Player is loading.Play VideoPlayNext playlist itemMuteCurrent Time 0:00/Duration 0:51Loaded: 0%Stream Type LIVESeek to live, currently playing liveLIVERemaining Time -0:51 Playback Rate1xChaptersChaptersDescriptionsdescriptions off, selectedCaptionscaptions settings, opens captions settings dialogcaptions off, selectedQuality Levels720p720pHD576p576p432p432p270p270pAutoA, 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 Rate1xFullscreenStarting your hunt for a dream home00:51 FOLLOW SOPHIE FOSTER ON FACEBOOK Gibbon St by Cavill Architects won an AIA national award for residential architecture — houses (alterations and additions). Picture: David Chatfield.A BRISBANE renovation and a billionaire’s beachside apartments on the Gold Coast have been named among the best designs in the country at the prestigious National Architecture Awards.Run by the Australian Institute of Architects, the awards were handed out Thursday night and saw an inner city home in Brisbane’s New Farm, “Gibbon Street” designed by Cavill Architects, land a national award for residential architecture — houses (alterations and additions).Billionaire Katie Page’s luxury beachside development M3565 at Main Beach on the Gold Coast saw a national commendation given to Virginia Kerridge Architect in the multiple housing category. M3565 by Virginia Kerridge Architect received a national commendation for multiple housing. Picture: John Gollings.Judges said Ms Page’s eight-storey, seven-residence M3565 in Main Beach was “well suited to the harshness of the coastal environment” and designed to retain its naturally weathered appearance.“The jury was taken with the subtle yet raw material palette of sand-coloured off-form concrete, grey ironbark timber, blue-grey zinc and black balustrades.” QUEENSLAND’S TOP STREETS FOR PROPERTY CLICKS Northshore Pavilion by Anna O’Gorman Architect won a national award for small project architecture. Picture: Christopher Fredrick Jones.Judges said Gibbon Street by Cavill Architects, where a worker’s cottage was lifted and reconfigured, was “refined and elegant residential architecture”.“The exquisite and painstaking detailing in this house reflects the love and care you might expect from a son who is designing a home for his mother,” the national jury citation said. Gibbon Street by Cavill Architects won a national award. Picture: Christopher Frederick Jones Judges commended M3565 Main Beach by Virginia Kerridge Architect for being well-suited to its environment. Picture: John Gollings. MORE: 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 THIS IS WHAT YOU SHOULD INVEST IN INSANE HOMES GO UNDER HAMMER While no Queensland property won first place across the categories, two won national commendations and three were awarded, including the Townsville Courts of Law which received a national award for Enduring Architecture.Brisbane’s Northshore Pavilion by Anna O’Gorman Architect won a national award for small project architecture while the Gold Coast Sports and Leisure Centre by BVN won a national commendation for interior architecture.last_img read more

A renovator’s delight in Bulimba has earned its owners an $800k windfall

first_imgThe bathroom is a bit dated but the bones are good.That sales price is $390,000 less than the Bulimba median house sales price of $1.32 million.The million-dollar suburb has consistently seen growth, with house values jumping 2.7 per cent in the last three months, 4.3 per cent in 12 months and a whopping 16.3 per cent in the past three years.The three-bedroom fixer-upper needs work, but sits on a 420 sqm block close to Bulimba’s trendy lifestyle precinct, Oxford Street, parklands, some of Brisbane’s best public and private schools, and public transport. Ms Mitchell said with vacant land in the inner-ring getting harder to find, renovators like 95 Bulimba Street were garnering plenty of attention. It still has the old Hilsl Hoist!Ray White Bulimba agent Summer Mitchell said the buyers, who had moved from interstate and were renting in the area, had been drawn to the location.“It is pre-1946 and the new owners are excited to bring it back to life,” Ms Mitchell said.A crowd of about 20 people attended the auction on Saturday, with three registered bidders.But it was one bidder, the new owner, that just “knocked out the competition” with their first bid.“The opening bid was $900,000 and then we negotiated privately to get the offer to $930,000 which got the property sold,” Ms Mitchell said.More from newsParks and wildlife the new lust-haves post coronavirus14 hours agoNoosa’s best beachfront penthouse is about to hit the market14 hours ago This house in sought-after Bulimba sold for $930,000 under the hammerA RENOVATOR in one of Brisbane’s most sought-after riverfront suburbs has sold for $930,000 — almost $800,000 more than the owners paid for it.Bought by the owners for $131,000 back in 1995, the auction sale price represents a 600 per cent increase in value.center_img And the party deck is in decent shape!“It is all about location and buyers aren’t afraid to do some work,” she said. “We are seeing a lot of interest from buyers who aren’t afraid to renovate a property in a prime location.”It is a market Ms Mitchell expects to grow this year, with locals and interstate buyers alike seeking out value properties in prime lifestyle suburbs.“This particular buyer, it is their first summer here,” she said. “We are certainly seeing interstate interest, especially from Sydney.“Our office, we had 33 open homes (yesterday) and I have four properties I am confident of selling in the next few weeks.“The 4171 postcode (Bulimba, Hawthorne, Balmoral) is particularly active and buyers seem even more confident than they did last year.“Likewise, sellers also seem to have more confidence in the market.”last_img read more