UK Coal wind-down will not increase PPF liabilities

first_imgThe managed closure of UK Coal, supported by the UK government, will not create additional liabilities for the Pension Protection Fund (PPF), the lifeboat fund has said.Business minister Michael Fallon yesterday announced that the government would loan UK Coal £10m to help the company wind down two of its mines over the next 18 months, as they currently employ around 1,300 people.The alternative – an immediate insolvency of the company – would have resulted in “significant losses and liabilities” for British taxpayers, Fallon said in a written statement to Parliament.UK Coal was placed into administration last July, largely because of a fire which led to the closure of one of its mines. At the same time, the company agreed a restructuring of its business, allowing its two underfunded defined benefit (DB) schemes to enter the PPF.The UK Coal sections of the Industry Wide Coal Staff Superannuation Scheme and the Industry Wide Mineworkers Pension Scheme have around 7,000 members and are among the biggest funds the PPF has taken on to date.Since last July, however, the company’s commercial outlook has deteriorated further, largely because strengthening sterling has hit exports.A PPF spokesman said: “We expect to make a recovery from this arrangement such that we would be no worse off than if UK Coal had passed into immediate liquidation last July.”He added that the cost of the claim was disclosed in its most recent annual report, which cited a £500m impact from the transfer of the scheme.As at end-March 2013, the PPF was 109.6% funded. The £500m liability assumed since then has reduced its funding position to 107.1%.The PPF said: “Our priority all along has been to protect the interests of the pension schemes that fund the PPF through their levies and of the nearly 200,000 people whose pension benefits we have secured.“This includes those of current and former UK Coal employees, who will receive PPF compensation, either now or in the future, to provide them with security in retirement.”last_img read more

PensionDanmark sells residential portfolio to Nordic Real Estate Partners

first_imgPensionDanmark has sold a large residential portfolio in Copenhagen to Nordic Real Estate Partners (NREP).The portfolio of more than 700 apartments was bought by NREP on behalf of Danish pension funds and, IP Real Estate understands, Partners Group.The latter declined to comment.PensionDanmark, which has invested in the residential sector since 2006, sold the 73,000sqm portfolio to allow it to develop new residential projects without exceeding its allocation to the sector. The pension fund is currently committed to the development of 600 homes over the next two years at Copenhagen’s Islands Brygge.Torben Möger Pedersen, chief executive at PensionDanmark, said the sale of the portfolio would generate a “healthy profit”, while allowing it to develop new residential projects.Neither NREP or PensionDanmark revealed a price for the portfolio sale, the biggest recorded in Denmark this year.The portfolio is concentrated in Copenhagen but includes properties in Aarhus Harbour, Kanalfronten in Vejle and Horisonten in Ørestad.A report by JLL’s Danish alliance partner, Sadolin & Albæk, outlined the investment case for Denmark’s residential sector, with Copenhagen leading the recovery.“The Copenhagen market for ownership housing is now recovering,” Sadolin & Albæk said in the report, released earlier this year.“The Danish economy is also firmly on the road to recovery, and in most Copenhagen districts, the prices of residential, owner-occupied flats have climbed back to pre-crisis levels.”Copenhagen is, it added, set to see a population boom of 220,000 new residents by 2040.Development of new residential property is, it added, still “far below the pre-crisis level”.last_img read more

Norwegian sovereign fund halves coal company holdings

first_imgNorway’s sovereign fund has nearly halved its exposure to thermal coal since the beginning of the year, only retaining shares in companies where mining is one of several business areas.Since the end of 2014, the NOK7trn (€806bn) Government Pension Fund Global (GPFG) has divested seven coal mining companies, leaving only eight manufacturing thermal coal used in energy production – worth only 0.01% of its entire equity portfolio.Yngve Slyngstad, chief executive at Norges Bank Investment Management (NBIM), told a Norwegian parliamentary hearing the fund retained its stake in large mining conglomerates but that the divestment came as part of its sale of a dozen companies due to concerns over water, deforestation and carbon emissions.The chief executive said: “Some sectors are facing particular environmental and social challenges. Based on an overall financial assessment, we may divest from individual companies. Over the past three years, we have sold off our shares in 114 companies on the basis of such assessments.” The fund earlier this year divested a number of firms over its environmental and human rights records, including some involved in the acquisition of phosphate from Western Sahara.Across its entire portfolio, NBIM now only retains NOK31.5bn in coal and general mining projects, slightly smaller in size than its dedicated environmental mandate of NOK42bn.Slyngstad compared the return of the environmental mandate with that of the whole fund, noting that the 5% return fell short of the 7.6% produced overall in 2014.“The environment-related mandates are currently confined to stock market segments that are well suited to active investment management,” he added.“Our investment managers have outperformed the environmental indices we use as a benchmark.”However, Slyngstad noted that the environmental mandate had underperformed the fund’s overall equity portfolio by 7 percentage points since its inception in 2009, echoing earlier comments.In his own remarks before the committee, Norges Bank governor Øystein Olsen also said the sovereign fund’s potential expansion into infrastructure would bring with it a team dedicated to the asset class.Discussing NBIM’s approach to real estate, in line with its goal to invest 1% of assets into property a year until it hits the current 5% cap, Olsen noted that a standalone property management team had been established.New properties will either be approved by the real estate team’s investment committee or, where sizeable acquisitions are occurring, by the fund’s executive board.Olsen noted that establishing an unlisted infrastructure portfolio is likely to see a similar resource-intensive approach to investment.The Norwegian government last year announced it would investigate relaxing the current 5% hard cap on real estate, and including infrastructure assets in the fund’s investment universe.last_img read more

Pension fund assets top $25trn in OECD countries, study shows

first_imgPension fund assets now top $25trn (€22trn) in member countries of the Organisation for Economic Co-operation and Development (OECD), according to its latest figures.The five biggest countries in the OECD area in terms of pension fund assets were the US, the UK, Australia, Canada and the Netherlands, altogether totalling $21.7trn, or more than 85% of OECD pension fund assets.The largest percentage increases in assets were found in Estonia, Korea, Luxembourg and Turkey, where pension fund assets rose by more than 20% compared with their levels in December 2013.In Poland – the only OECD country where pension fund assets went down between end-2013 and end-2014 – assets fell by more than 50%. The OECD says this is probably due to the reversal of the mandatory funded pension system, which led to a transfer of domestic sovereign bonds held by open pension funds into the social security system.The weighted average asset-to-GDP ratio for OECD countries reached 86%.Within Europe, four OECD countries achieved asset-to-GDP ratios above this average: the Netherlands (161%), Iceland (146%), Switzerland (126%) and the UK (96%).In most OECD countries, pension fund assets have increased at a higher pace than GDP since December 2013.Among non-OECD countries in Europe included in the survey, Romania and Albania experienced an increase of more than 30% in pension fund assets since December 2013.Meanwhile, pension funds in all the reporting OECD countries recorded positive real returns between December 2013 and December 2014, ranging from 1.3% in the Czech Republic to 23.4% in the Netherlands.More than one-third of OECD countries experienced real returns higher than 5%, the OECD weighted average.The OECD attributed the positive estimates for the real rate of return of pension fund assets partly to two main factors.First, world stock markets achieved a good performance – the MSCI World Index increased 5.5% in 2014.Second, interest rates fell, increasing the market value of pension funds’ fixed income assets.However, the OECD acknowledged that the low-yield environment may also increase the actuarial value of the liabilities of defined benefit pension plans.Turning to asset allocation, shares and bonds remained the main instruments for investment in almost all the reporting countries.Within Europe, pension funds in Poland and Kosovo had more than half of their portfolio invested in shares.In six other European countries – Albania, Czech Republic, Hungary, Romania, Serbia and Slovakia – pension funds favoured bills and bonds, with more than 75% of their portfolios invested in this asset class.The report also showed that a few countries invested significantly in classes other than bills and bonds, and shares.Germany was one of these, with pension funds usually investing around 20% of their portfolios in loans.last_img read more

NEST hires former Pension Protection Fund manager as deputy CIO

first_imgFawcett said: “We’re already looking after more than £1.3bn [€1.5bn] on behalf of our members, and that’s set to grow rapidly over the next few years. With this appointment, we’re adding to the expertise and experience of the investment team at this crucial time.”St Hill added: “NEST’s investment team have built a really strong, award-winning investment approach. I’m looking forward to working with Mark Fawcett as the organisation continues to focus on giving its members a better income in retirement.”While running equity and bond investments at the PPF, St Hill helped establish the fund’s smart-beta programme, according to his LinkedIn profile.Prior to joining the PPF in 2010, St Hill worked at fiduciary manager SEI Investments.He held senior roles including head of fixed income and head of risk management.NEST, a defined contribution fund, was established in 2008 as a UK government-backed vehicle for its auto-enrolment pension policy.At the end of March 2016, the fund had more than 3m members.The fund won Best European Pension Fund and Best Small Pension Fund at the IPE Awards in Berlin last month. The National Employment Savings Trust (NEST) has hired John St Hill as deputy CIO, a newly created role.St Hill joins from the Pension Protection Fund (PPF), where he was a senior portfolio manager.He left the UK’s lifeboat fund for defined benefit schemes in October last year.He will report to Mark Fawcett, NEST’s CIO.last_img read more

Netherlands roundup: FedEx to cut TNT Express pension fund

first_imgIn order to harmonise in 2020, FedEx must terminate the contract before the end of this year. The company declined to comment, explaining that its US parent was soon to report to the market.The TNT Express scheme also refrained from responding, citing ongoing negotiations with the employer.After the contract between employer and the pension fund has been cancelled, future pensions accrual would be decided on by the sponsor and the unions.One option open to the pension fund is to continue as a closed scheme. Alternatively, it could transfer accrued pension rights to another provider and liquidate.Richlinde Wackers, trustee at FNV, said she expected that FedEx would not succeed in cancelling the contract before year-end, which would provide a year’s respite.At the end of October, the TNT Express scheme’s funding level was 112.3%. Source: FedExAPG exits SME loans fundThe €485bn Dutch asset manager APG has ceased issuing loans through local exchange NPEX – which services small and medium-sized Dutch companies – as the uptake has been disappointing.Of the €25m it committed to NPEX’s investment fund for entrepreneurs in 2015, no more than €7m had been invested, the asset manager said. As a consequence, the overhead costs of the fund were weighing too heavily on its returns.NPEX launched the Entrepreneurs Fund together with ABP – APG’s main client – and merchant bank NIBC, with the aim of investing up to 25% in loans to SMEs conducted through NPEX.APG said that the invested €7m comprised 11 loans to 8 companies.Alan van Griethuysen, director of NPEX, disagreed that SMEs weren’t interested in loans issued through his exchange.“The Entrepreneurs Fund is merely one source of financing. Private and business investors have already invested €68m in bonds and equity issued by 34 SMEs,” he said.According to Van Griethuysen, no other pension fund had shown an interest in financing NPEX “as they often deemed the scale of its loans – usually between €1m and €10m – insufficient”.NPEX’s Entrepreneurs Fund would not be abolished, he said, as loans still in the portfolio needed management as they were due to mature over the next seven years.ANWB scheme considering joining general pension fund Delivery company FedEx plans to terminate its contract with the €750m pension fund of TNT Express, its Dutch subsidiary.According to trade union FNV, US-based FedEx wanted to harmonise labour conditions between its staff and workers at TNT Express, and intended to apply a uniform pension plan as of 2020.Currently, FedEx workers accrue pensions with the €26bn industry-wide road transport scheme Vervoer. TNT Express’ 2,000 staff, however, are exempt from mandatory participation in the sector pension fund, and instead have their own company scheme.According to the union, the TNT Express scheme provided better arrangements, including an obligation on the employer to plug any funding gaps. In 2016, the sponsor paid an additional contribution of €12.6m.center_img The €1.5bn pension fund of Dutch automotive organisation ANWB is considering transferring its pensions into a general pension fund (APF).On its website, the scheme said it was too small to continue implementing a pension plan independently.The Pensioenfonds ANWB said it would prefer to move to an APF, as joining an industry-wide pension fund would require either pension cuts for members or an additional contribution from the employer.Since 2015, the pension scheme’s funding level has consistently fallen short of the required minimum of 104.3%. At November-end, the scheme’s coverage ratio stood at 100.8%. If it is still under-funded in 2020, it has to cut payouts.Given the activities of the ANWB and the scheme’s affiliated employers Logics, MAA and Unigarant, the pension fund could transfer into PNO Media industry-wide scheme or the multi-sector pension fund PGB.During the past 10 years, the number of active participants at ANWB has fallen by more than 1,000, leading to administration costs per member rising to €361.The Pensioenfonds ANWB is consulting with employers and trade unions about the future of its pension plan. It said it wanted to keep accrued pension rights and new pensions accrual under one roof as this would be the most efficient option.last_img read more

People moves: RPMI director to retire; new CIO for Cambridge endowment [updated]

first_imgUniversity of Cambridge – Tilly Franklin has been appointed the new CIO for the university’s £3.2bn endowment fund. She replaces Nick Cavalla, who left last year after 10 years at the fund to join Talisman Global Asset Management, the family office of the Pears family. He took three investment colleagues with him.Franklin was already on the university’s investment board – since 2014 – but joins as the endowment fund’s CIO from Alta Advisers, a London-based investment advisory firm and one of Europe’s leading single family investment offices, where she was director of investments and head of private equity. She has also worked at private equity firm Apax Partners, BBC Worldwide and Virgin Management, and is an alumna of the university. Stephen Toope, University of Cambridge vice-chancellor, said: “Tilly is the ideal person to lead the endowment fund into this new era. She brings a wealth of financial experience and a passionate commitment to responsible fund management. We are lucky to have her.”According to a statement, her appointment “coincides with the university’s efforts to tackle the fundamental problems facing humanity such as climate change, food security and chronic disease, where the fund’s contribution plays a vital role in supporting research and scholarship”.  Asset Management Exchange (AMX) – The institutional platform for investors and asset managers set up by Willis Towers Watson has hired Larry Morrissey as chief compliance officer for AMX Ireland, which manages more than $8bn (€7.2bn) in assets from Cork, in the south of the country.He was previously at MPMF Fund Management in Ireland, where he served for three years as senior vice president and acted in various compliance roles on behalf of a number of large institutional clients. Before MPMF he was head of investment fund listings at Maples and Calder.Aegon – The supervisory board of Dutch insurer Aegon has proposed the appointment of Lard Friese as CEO. He is to succeed Alex Wynaendts, who plans to step down after 11 years at the helm.Friese will join from NN Group where he has been CEO and executive chairman for the past five years. Friese has almost 30 years of experience in the financial services industry, including at Aegon between 1993 and 2003 as executive vice president for life insurance.Aegon said the intended appointment had been approved by the company’s regulators and positively advised upon by its works council. Friese, who will leave NN with immediate effect, is to start as CEO designate on 1 March and succeed Wynaendts at the AGM on 15 May. Wynaendts is to remain available as adviser to the company until 30 September.Catella — The fund management arm of Swedish financial firm Catella has appointed Mattias Nilsson to a senior role in its long-short equity management team. He was previously one of the main managers of Brummer & Partners’ Futuris hedge fund. Catella said he would take up his new role on 26 August.BankInvest — Kasper Lytthans, former portfolio manager and member of the investment board at BankInvest, is leaving the company for a new role at Copenhagen-based prescription medicine supplier Abacus Medicine, where he will work as investor relations manager. He has worked for the Danish investment manager for over 12 years, as a senior analyst before his most recent role. In a post on LinkedIn, Lytthans said he would take up the new role on 15 August.XPS Pensions Group – James Leeming has joined the pensions consultancy as partner and head of investment in its Manchester office. He was previously a director in the employee benefits practice at JLT Group, and is a qualified actuary. American Century Investments – The US manager has again hired from Dimensional Fund Advisors for its new Avantis Investors unit being led by Eduardo Repetto and Patrick Keating, two veterans of DFA. The new recruits are Ted Randall, Mitchell Firestein and Daniel Ong, who were portfolio managers at DFA. Avantis Investors is gearing up to launch diversified, tax-efficient and low-cost investment strategies, and in June filed a registration statement with the US regulator for five equity funds. A spokesman said the vehicles would also be offered as separate accounts outside the US. Savills Investment Management – Barbara Linnemann has been appointed head of asset management for Germany at the real estate investment manager. Her responsibilities will include driving further growth in company’s business of asset management mandates for foreign investors. She was most recently managing director at Apleona Argoneo, where she was responsible for asset management. RPMI, University of Cambridge, Asset Management Exchange, Aegon, Catella, BankInvest, XPS Pensions Group, American Century Investments, Savills Investment Management RPMI – Julian Cripps, managing director of RPMI Railpen, the in-house manager for the UK’s £26.8bn (€29.8bn) railways pension scheme, will retire at the end of the year.The industry-wide scheme has appointed Michelle Ostermann, chief fiduciary officer, and Stuart Blackett, managing director of group services, to its board of directors ahead of Cripps’ departure. The announcement also follows the retirement earlier this year of managing director David Maddison.Ostermann joined RPMI Railpen at the start of this year from British Columbia Investment Management while Blackett has been at RPMI since 2001, having joined from what was then Arthur Andersen. last_img read more

This avo farm ‘Hass’ to be seen to be believed

first_imgThe property is on the market now.As well as farmers, Mr McNamara said some of the interest from potential buyers was were people that had never owned, or even worked, on a farm.“We marketed it quite widely,” he said.As well as the trees, it comes with a four-bedroom, two-bathroom home, a machinery shed and a green house. The home is still on the market for offers above $2 million. Avos are an increasingly valuable commodity.The southeast Queensland farm is offering the best of both worlds for prospective homeowners that might want a career change — with all the smashed avocadoes they can eat (toast not included).Located at 107 Cherry Creek Road, Cherry Creek, the 40 hectare property has been set up to grow thousands and thousands of avocadoes every year. RICH SUBURBS SHUN GREEN POWER AVOCADO HEAVEN: This farm grows thousands and thousands of delicious avos each year, and it is on the market now.THIS could be the answer for all those millennials that do not want to cut the smashed avos out of their diet to afford their own home. The property is near the small town of Blackbutt.The property was originally used for growing peanuts, with just a few hundred avocado trees used as a side crop. 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 Levels576p576p432p432p288p288p180p180pAutoA, 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 Rate1xFullscreen107 Cherry Creek Rd, Cherry Creek01:58 With the popularity (and value) of avocadoes increasing, the majority of the land was converted to avocado trees. “It is a new asset so there are a lot of young trees that haven’t reached production yet,” he said. The property went to auction earlier today, but was passed in after bids reached $2 million. The property previously produced peanuts.More from newsParks and wildlife the new lust-haves post coronavirus18 hours agoNoosa’s best beachfront penthouse is about to hit the market18 hours agoWith 3400 mainly Hass avocado trees on the farm, agent Jez McNamara from Ray White Rural said it could eventually produce 50,000 to 60,000 trays of the increasingly popular fruit every year. “It’s got a very good climate, it has good volcanic soil,” Mr McNamara said. BIG PRICE DROP FOR RIVERFRONT HOME last_img read more

Seaside living in Mooloolaba for a cool $15m

first_imgVideo Player is loading.Play VideoPlayNext playlist itemMuteCurrent Time 0:00/Duration 0:39Loaded: 0%Stream Type LIVESeek to live, currently playing liveLIVERemaining Time -0:39 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 Rate1xFullscreenMooloolaba’s $15m penthouse00:39Penthouse living has been taken to new heights on the Esplanade in Mooloolaba, Queensland. This lavish two-level residence boasts north-facing views of the ocean and a $15 million price tag to go with it.The luxurious penthouse at 1101/87 Mooloolaba Esplanade has an internal lift, a cinema and four king-sized bedrooms, as well as room for 12 cars with downstairs parking and a rooftop spa.Imagine waking up to this view every morning. Picture: www.realestate.com.au/buyHowever, it’s the waterfront views that are the main attraction of the home. Mooloolaba is one of the safest and most picturesque beaches on the north shore of the Sunshine Coast.Located on the Esplanade, the beach is only a few steps away from the penthouse – imagine popping downstairs for a swim and then drying off with a cool drink on your expansive balcony. Gallery (10 images)A grand staircase greets guests in the entry way. Picture: www.realestate.com.au/buyOn the other side of the penthouse are views of the Glass House Mountains.The home is part of Sea Pearl’s complex, which means new owners will also have access to a gym, steam room and sauna, swimming pool and spa.The style of the interiors is opulent with only the finest finishes, including marble surfaces, dazzling chandeliers and a grand staircase.Simon Guilfoyle from G1 Property says the penthouse is likely to attract interest from international, interstate and local buyers.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“We will be marketing the property internationally, but we would also expect to see some strong interest from local buyers who understand the value and location,” he says.While $15 million is eye-watering for most of us, for those seeking a luxury home with all the bells and whistles it’s a good buy.“The Spirit Surfers Paradise Penthouse is for sale at $41 million and it’s a similar size to our ultra-luxurious Sea Pearl Penthouse, on offer at a reasonable $15 million including custom designer furnishings, 12 car spaces and multiple store rooms,” says Guilfoyle.“My last Sea Pearl apartment sale, recently sold to a New South Wales family, was only one-fifth of the size of this penthouse and sold for $4.4 million.”last_img read more

Idalia darling of regional Queensland house market

first_img Session ID: 2020-09-28:5684906fb4ae3ccad412c2e3 Player Element ID: vjs_video_1192 OK Close Modal DialogBeginning 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 Rate1xFullscreen00:00TOWNSVILLE has emerged as a star performer in regional Queensland, with four suburbs recording double-digit growth.REIQ has revealed the 68 suburbs that recorded double-digit growth in the 12 months to June.Twenty-seven of those 68 top-performing suburbs were outside of the southeast, with Townsville dominating the regional listings.REIQ CEO Antonia Mercorella said Idalia (+21.3 per cent to $485,00 as of June) was a rapidly expanding suburb, located just 10 minutes from the Townsville CBD, and offering access to shopping centres, restaurants, beautiful landscaping around parks, lakes and the Ross River. It is dominated by older houses and luxury new homes, with properties ranging from the “low to mid $300,000s” to over $1 million.“Idalia in Townsville ranks 11th on the state list and first on the Townsville LGA list,” she said. The other Townsville suburbs to make the top 68 were Rasmussen (+19.9 per cent), North Ward (+15 per cent) and Railway Estate (+10.1 per cent). Keyes and Co Property agent, and former Townsville city councillor, Tony Parsons said there were suburbs doing well, and others still struggling, but there were positive signs in the local property market.He said Idalia ticked a lot of boxes for families, but he was not surprised by the city’s other top suburbs with two of them “fringe suburbs” of the new stadium under construction.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“North Ward and its proximity to The Strand speaks for itself, and Railway Estate has some of that character housing stock that many couples are keen on, those reno jobs.”As for Rasmussen, the suburb has benefitted from a number of new housing estates including a Defence Housing Australia development, and the duplication of Riverway Drive. Mr Parsons said buyers could still get a bargain. In The Whitsundays region, only Collinsville made the list, taking out third spot overall.Ms Mercorella said Collinsville recorded an annual capital growth for houses of 46.2 per cent, taking the median sales price to $95,000 in June.Other regions reporting at least one suburb on the list were Bundaberg, Toowoomba, Banana, Charters Towers, Fraser Coast, Gladstone, Isaac, Livingstone, Mackay, Rockhampton, Scenic Rim, Somerset and Western Downs. Video Player is loading.Play VideoPlayNext playlist itemMuteCurrent Time 0:00/Duration 0:00Loaded: 0%Stream Type LIVESeek to live, currently playing liveLIVERemaining Time -0:00 Playback Rate1xChaptersChaptersDescriptionsdescriptions off, selectedCaptionscaptions settings, opens captions settings dialogcaptions off, selectedQuality LevelsAudio TrackFullscreenThis is a modal window. The Video Cloud video was not found. Error Code: VIDEO_CLOUD_ERR_VIDEO_NOT_FOUND Queensland’s most searched for streetscenter_img MORE NEWS: Buy an entire town ‘cheaper than a house’ Own your own slice of ‘puppy heaven’last_img read more