Buyers Deslea Sneddon and Marshall Vann were extatic to be the new owners of 9 Faversham Street, Wooloongabba. Photo: Mark Cranitch.In other results, the architectural river-park fronting wonder at 71 Ormadale Rd, Yeronga achieved a brilliant results of $2.5 million with the Victorian buyer delivering a knockout final bid.It was quite a duel that saw the southern couple secure a Brisbane base.More from newsMould, age, not enough to stop 17 bidders fighting for this home4 hours agoBuyers ‘crazy’ not to take govt freebies, says 28-yr-old investor4 hours agoAt the other end of the quality scale, 33 Baynes St, Highgate Hill was a renovator set on a 556sq m site with a double street frontage.Despite the obvious need for upgrades, it sold under the hammer for $1.225 million after 52 bids were made during the course of its auction.Up north, Gordon McDonald of The Auction Group reports a three-bedroom top-floor unit with unbelievable river views at 4/3 Russell St Noosaville sold for $2.025 signalling another strong prestige sale for Southeast Queensland’s northern beaches.“It was a really tightly held, small complex of five,” Mr McDonald said.“Only a couple of them have sold over the last 28 years.”Damon Lewis of Ray White New Farm said despite 25 Baldwin St Ascot passing in today for $1.95 million, he expects a signed contract is imminent.The five-bedroom, two-bathroom, fully renovated home on 658sq m attracted a lot of interest according to Mr Lewis.“We had a big crowd,” he said.Mr Lewis said they’re negotiating with the top bidder, but with four other potential buyers waiting on the outcome, he’s sure to have the property away soon.In Toowong, Bryony O’Neill of Bryony O’Neill Estate Agents had more luck.Ms O’Neill had just two registered bidders keen on 33 Curlew St, but that was all she needed to see a successful sale under the hammer. Auctioneer, Andrew Degn got away 9 Faversham Street, Wooloongabba today. Photo: Mark Cranitch.It was a mixed bag for auctioneers at Brisbane events today, and while some sellers were celebrating their good fortune, others will have to put the bubbly back on ice for a few more days.‘Location! Location! Location!’ was the catchcry at 9 Faversham St, Woolloongabba.The highset timber cottage had all those cracking early 1900s features that buyers love with VJ ceilings and linings, and hardwood floors.The home was also set on a comparatively massive 617sq m block.But it was the location that really drove demand for the home, said Andrew Degn, agent and auctioneer with Place Real Estate.“Close to city and close to schools — it’s a good spot. In this little enclave here it’s very rare to get a house of this calibre available,” he said.Mr Degn said local buyers had shown the most interest.“Mostly local families want to live in this location on a nice big flat family block with a good view and good aspect, and there’s been lots of money spent in this street so it’s growing (in value).”While there were more than five registered bidder, only three managed to be part of the action.An opening bid of $700,000 was the beginning of $20,000 increments until things started to tighten around $820,000.It was then back and forth between two bidders until at $875,000, a new buyer entered the fray.A tussle ensued and it was only at $932,000 the hammer came down and the new buyer, who had been the first bidder, was congratulated.Successful bidder, Marshall Vann, immediately apologised to the young man who’d missed out, but he and wife Deslea Sneddon were over the moon to have the home under contract. The veranda at 33 Curlew St, Toowong will be a great spot for the new owners to relax.The beautiful lowset three-bedroom Colonial with giant verandas and heritage features achieved a very impressive $1.385 million at auction.“They’d made multiple inspections of the property — both parties — so it was good — I’m very pleased with the result,” Ms O’Neill said. Follow Kieran Clair on Twitter at @kieranclair
Steven Taylor, report author and partner at LCP, urges pension scheme sponsors to take a proactive role in setting pension scheme strategy.“Sponsors can no longer take a back seat when it comes to pensions. A combination of new funding rules, economic turmoil and new legislation creating criminal sanctions for ‘getting pensions wrong’ means companies are going to have to be much more proactive when it comes to pensions,” he said.LCP’s report identified three main factors as to why sponsors should work more closely with trustees:the arrival of superfunds and the closer proximity of many schemes to buyout;the increasing use of asset backed funding and contingent contribution agreements to protect schemes and allow them to share upside as sponsors recover; anda more defined role for sponsors in long-term decision making when the Pension Schemes Bill is made law.Taylor stressed the importance for sponsors to consider an increasing range of options: “Without increased capacity in the derisking market, sponsors will need to consider alternative options such as agreeing efficient contingent funding arrangements.”He added: ”Weaker sponsors may also wish to explore the new superfund route, which has significant growth potential. It is crucial that at a time of economic and regulatory change trustees and sponsors are working hand in hand.”William McGrath, founder of C-Suite Pension Strategies, told IPE that there is an awareness of other solutions being available, but right now, particularly post-pandemic, it’s for the boards of trustees to “get stuck in as they are not really doing enough”.McGrath said trustees need to analyse the consequences of derisking. “Buyout solutions drive up contributions but they suck money out of DB at the expense of DC contributions,” he said, adding that there are many schemes putting money on DB schemes but not investing in defined contribution (DC).“Funding schemes to a level that life insurance companies can take them over is taken as the ‘gold standard’ by the pensions industry,” he explained. ”DB schemes should continue so one day they can add to DC funding levels.”“The call is to run schemes with the future in mind not just the past”William McGrath, founder of C-Suite Pension StrategiesMcGrath believes that pension fund trustees need to set different, more balanced objectives. “A DB scheme’s target can be to “run off” and have more money that is needed to meet established commitments. Steady long term investment gets you there,” he explained.In the note It’s not fair – Inter-generational resource inbalances in pension provision, authored by McGrath, he wrote: “The call is to run schemes with the future in mind not just the past.”He said liability-driven investment (LDI) proved a useful tool hedging away liabilities. “Cash flow matching has become vogue so assets mature when liabilities arise. But now it’s cash payment driven investment.”“Enriching the life insurance market should not be the only way out,” McGrath told IPE.The full LCP report can be seen here.To read the digital edition of IPE’s latest magazine click here. LCP is calling on plan sponsors to work more closely with defined benefit (DB) pension fund trustees in considering superfunds as an innovative alternative to buyout deals.The consultancy’s latest report, Leading the Way, disclosed that the majority of well funded schemes are considering an insurance buyout as their end target, with around a quarter (28%) of schemes surveyed saying they were considering a buyout market approach by the end of 2022.The report warned that this means demand may outstrip market capacity – meaning that many schemes will need to remain in the funding regime for significantly longer than anticipated or, depending on circumstance, consider other innovative solutions such as superfunds.LCP’s data predicted that if the superfund industry reaches £1bn (€1.08bn) over the next 12 months, there could be a rapid expansion to £5bn or more annual volume by 2023.
Some 36,000 disability allowances will be cut at the end of the month, following a national investigation into fraudulent claims, the government said. Deputy Health Minister Markos Bolaris said the government would save 111 million euros in false claims following a census of some 240,000 benefit recipients. “It’s come to our attention that people who were receiving benefits for blindness were actually continuing to drive. So, when you think about it: these people were going to an eye doctor for their disability exam and then another eye doctor for their driving licence.” Health Minister Andreas Loverdos announced this week that during the second phase of the census, when the beneficiaries are examined by the Centre for Certifying Disability, the savings are expected to reach the 230 million euro mark. The minister noted that 36,294 of the registered beneficiaries failed to present themselves for the census. More specifically, 203,998 beneficiaries presented themselves as opposed to 240,292 that received benefits. This meant that benefits spending would be reduced from 941,289,609 euros in 2011 to 830,650,500 euros in 2012, a saving of 110,639,109 euros. Loverdos gave examples, noting that of 125,368 registered recipients for benefits of severe disability in 2011, only 108,200 turned up for the census and the remaining 17,168 are assumed to have been receiving the benefit illegally. Similarly, nearly half of those receiving benefits for unprotected minors failed to participate in the census. Ministry officials said clusters of suspected fraud had been found, with blindness claims unusually high in Chios, Kavala, and Iraklio and other claims high in Halkida, Serres and Komotini. The census was carried out between February 1st and March 16th this year, in order to create a nationwide register of benefit recipients and a map of the frequency of disabilities by area, both to check the benefits given and to preclude cases of people drawing benefits in two different areas. Source: Athens News Facebook Twitter: @NeosKosmos Instagram