Month: September 2020

Polish pensions raid ‘harmed credibility’ of future reforms – OECD

first_imgThe OECD noted only two advantages of the transfer of assets, driven largely by the government’s desire to address increasing public debt perceived to be the result of second-pillar reforms that diverted part of the population’s pay-as-you-go contributions into the OFEs.It said the “upsides” would be a reduction in debt-service payments and a fall in “high” OFE operating costs, although it speculated that a reduction in management costs could have also been achieved through better regulation of the funds forming the second pillar.However, overall, its view of the pension changes seemed negative.“The combination of the 1999 reform and its partial reversal might well damage social trust in the pension system and harm the credibility of future structural reforms more broadly,” the report said.Plans to overhaul the structure of the pension system first became public last summer, as the government considered how best to design the 15-year old system’s payout phase.At the time, the Polish Chamber of Pension Funds (IGTE) alleged that the information used by the government to make its case was “false and dishonestly presented”.Polish president Bronisław Komorowski nevertheless signed the controversial bill into law at the beginning of January. Poland’s forced transfer of more than half the second pillar’s pension assets to the state social security fund (ZUS) undermines trust in its pension system and could harm the credibility of future reforms, the OECD has said.The think tank also warned that the changes – which will see the open pension funds’ (OFE) ability to invest in fixed income restricted – could cut “already low future replacement rates”.The report, part of the OECD’s regular economic surveys of its member states, continued: “Another result of the recent reforms will be somewhat less liquidity on the domestic Treasury bond market.“Moreover, the cancellation of the OFEs’ Treasury bond holdings increased the share of non-resident investors in zloty-denominated public debt and curtail the participation of local investors with a long-term investment horizon.”last_img read more

Church of England endowment fund divests from Wonga

first_imgThe Church Commissioners, whose £6.1bn (€7.7bn) endowment fund finances the Church of England’s activities, as well as some of its pension obligations, have sold the fund’s indirect holding in Wonga, the controversial payday lender.The investment was held within the fund’s venture capital portfolio as part of a shareholding in US-based Accel Partners, a global private equity firm specialising in technology companies.It was uncovered a year ago by the Financial Times, a particularly embarrassing revelation as it followed a public vow by Justin Welby, the Archbishop of Canterbury – head of the Church of England – to “compete [Wonga] out of existence”.The Commissioners said they had not made any profit from their investment exposure to Wonga. They said the holding, valued at £75,000, represented much less than 0.01% of the value of the payday lender. They also emphasised they had no direct investments in Wonga or any other payday lenders.The 12-month gap between the discovery of the holding and its eventual sale shows the difficulties involved for investors extricating themselves from unlisted assets.It is estimated that if the Commissioners had had to sell their entire venture capital holdings, they might have lost £3m-9m in removing the exposure to Wonga via a secondaries deal.The Commissioners said: “We are pleased another way forward has been agreed, given our fiduciary duties to clergy pensioners and to all the parts of the Church we support financially.”They declined to give further details as to the precise nature of the deal, but they added: “We believe venture capital to be a good and useful instrument with significant potential to serve the common good. It gets new businesses up and running and supports the economy and jobs.”The Commissioners have recently tightened their ethical restrictions for direct investments and will announce new controls on indirect investments later this year.They have also created a new post to lead the implementation of the Commissioners’ ethical investment policies and responsible investment commitments. This post will be assumed in August by Edward Mason, currently secretary to the Church’s Ethical Investment Advisory Group, which shapes investment policy.last_img read more

Dutch dairy sector to set up industry-wide pension fund

first_imgAccording to the DNB, the Netherlands currently has 367 pension funds, consisting of 279 company schemes and 70 industry-wide schemes.Ten years ago, there were more than 700 pension funds in the country.Swart told IPE the dairy sector decided to establish the new pension fund as part of the recently concluded new collective labour agreement (CAO).Until now, only the former staff and pensioners at FrieslandCampina had been accruing pension rights through a pension fund.The other employers had individual pensions arrangements for their staff with an insurer.Swart said: “We found that negotiating a pension plan with an insurer costs a fortune, and that insured pension plans are becoming more expensive, or offering less attractive conditions.”He said pensioners and deferred participants would remain in the Pensioenfonds Campina, which will now become a closed scheme.As a consequence, the new pension fund BPZ, pending regulator approval, will start with premium-paying active participants only.Swart said the creators of the new scheme were still negotiating with possible candidates for pensions provision and asset management, but declined to provide further details.He said much of the same with respect to the composition of the fund’s board, which is to operate as an independent model.He added that the new scheme would provide defined contribution arrangements, with a contribution of 17.1% of  pensionable salary, of which 14.8 percentage points will be paid by the employer.The annual pensions accrual will be 1.875% of salary, next year’s tax-facilitated maximum. The Dutch dairy sector has decided to establish its own industry-wide pension fund, as it will enable social partners to negotiate a “better deal” for workers. The new BPZ – launched by dairy industry organisation NZO with unions CNV Vakmensen, FNV Bondgenoten and De Unie – will be operational from 1 January 2015, according to Siward Swart of CNV Vakmensen.Initially, 10 employers, including dairy giant FrieslandCampina, DOC Cheese and dairy companies Arla and Bel, will participate in the non-mandatory scheme. In establishing a new pension fund, the dairy sector is bucking the growing trend of consolidation in the Dutch market triggered by regulatory demands for improved board expertise and cost cutting.last_img read more

Low interest rates drag Dutch schemes back into underfunded positions

first_imgDutch schemes with funding shortfalls will not be forced to apply rights cuts next year, due to the implementation of the new financial assessment framework (FTK).But José Meijer, vice-chair at ABP, said her scheme’s financial position was “alarming anyway” in light of “extremely” low interest rates, the criterion for discounting liabilities.Excepting its commodity holdings, which lost 4.9% over the period, ABP reported positive returns for almost all asset classes.Private equity and hedge funds – returning 9.8% and 9.6%, respectively – were the best-performing asset classes, while the fixed income portfolio returned 3.9%, with credit and emerging market debt returning 4.8% and 3.8%.Developed and emerging market equities returned 5% and 4.3%, respectively, while property and infrastructure returned 4.4% and 6.9%.ABP’s interest and currency-risk hedges led to a 1.4% loss.The €38bn metal scheme PME said its funding fell to 102.6%, despite a quarterly return of 4%, and because the discount rate fell by 31 basis points to 2.14% over the period, liabilities increased by 6.6%.Frans Willem Briët, the pension fund’s chairman, said the forecast for the fourth quarter was equally gloomy, and that the prospect of granting indexation next year was grim.In his opinion, the scheme’s participants are “paying the price for interest rates being kept low in Europe”.He also pointed out that PME, due to its low-risk profile – with 59% fixed income and 34% equity allocations – was struggling to benefit from recovering markets.The €55bn metal scheme PMT closed the third quarter with a funding of 102.8%, despite a return on investments of 4.6%.The pension fund said it had been particularly vulnerable to low interest rates due to the relatively young age of its participants.PMT reported returns of 2.9% and 5.2%, respectively, on equity and fixed income, and generated 3.5% on its property holdings, while alternatives returned 8%.PFZW’s entire investment portfolio returned 2.8%, of which 2.1 percentage points were attributable to its interest and currency hedge.The healthcare scheme said it has returned 12.1% over the last three quarters.Private equity, hedge funds and infrastructure returned 4.3%, 2.2% and 3.8%, respectively, while equity and property returned 1.3% and 0.4%.Government bonds, returning 4.3%, were the best-performing segment of PFZW’s fixed income portfolio.By contrast, the pension fund lost 12.1% on its commodities investments, due to falling oil prices.BpfBouw reported a quarterly return of 4.5%, mainly due to the appreciation of its bonds holdings, as well as the effectiveness of its interest hedge.However, that return was largely offset by a 6.6% increase in liabilities.Bouw said its coverage ratio was likely to continue to fall for the time being, due to persistently low interest rates.The building-sector scheme said its holdings in equity, fixed income and property generated quarterly returns of 5%, 3.6% and 2.2%, respectively. Persistently low interest rates have created funding shortfalls at some of the Netherlands’ largest pension funds, with liabilities overtaking returns on investment at ABP, PME and PMT over the third quarter.ABP, the €334bn pension fund for civil servants – which reported a 2.9% Q3 return – saw its coverage ratio drop by 3.6 percentage points to 103.1%, which is 1.1 percentage points short of the required minimum.PFZW, the €156bn healthcare scheme, only just managed to avoid an underfunded position, with its coverage ratio falling by 5 percentage points to 105%.The funding ratio at Bpf Bouw, the €45bn pension fund for the building industry, fell by 2.9 percentage points over the period, closing out the quarter with a coverage of 113.8%, the highest of the five largest schemes.last_img read more

Japan’s GPIF posts 5.2% return as fund cuts bond holdings

first_imgJapan’s Government Investment Pension Fund (GPIF) posted a 5.2% return in the three months to December, its largest investment gain in almost two years, after it added equity holdings and cut its allocation to Japanese bonds.Assets under management at the world’s largest pension fund rose to a record JPY137trn (€1trn).Japanese debt made up 43% of GPIF’s holdings, down from 48% three months earlier, while the allocation to local equities rose to about 20% from 18%.Foreign bond holdings rose to 13.14% in the fourth quarter from 11.84%, and foreign stocks climbed to 19.64% from 16.98%. Domestic shares returned 6.2% in the quarter, up from 5.8% in the three months through September.The fund made 1.9% on its investments in Japanese debt, from 05% in the previous period.Foreign bonds returned 9.4%, and overseas stocks gained 10%.The fund changed its investment strategy drastically in October in line with prime minister Shinzo Abe’s push to boost returns as pension obligations swell in the world’s oldest population.Under the reform, GPIF had set an allocation target of 25% each for Japanese and overseas equities, up from 12%.The target for local debt was set at 35%, down from 60%, and 15% was set for international bonds, up from 11%.GPIF has yet to make any investments in alternative assets, but the fund is allowed to invest as much as 5% of its holdings in the asset class.The latest figures are the first to show GPIF’s asset mix since it unveiled the plans in October.last_img read more

Latvian pension funds produce positive returns despite market turmoil

first_imgLatvia’s second and third-pillar pension funds generated positive returns in 2015 despite a volatile second and third quarter.The results were critical for the seven second-pillar fund managers.Under a new performance fee regime introduced in 2015 managers were rewarded for achieving positive results and penalised for negative ones.In the case of the second-pillar funds, the 12-month average return declined to 1.93%, from 5.24% a year earlier, according to the Association of Commercial Banks of Latvia (LKA). The return of the eight active, equity-orientated funds fell from 5.52% to 2.29%, that of the four balanced funds from 5.28% to 1.43%, and that of the eight conservative bond plans from 4.57% to 1.26%.Since the end of 2014, membership of the mandatory system has grown by 4,800 to 1.25m and assets by 16.3% to €2.3bn.Assets increased partly because the contribution rate rose from 4% to 5% in May 2015.In terms of asset allocation, all classes of funds adopted more conservative strategies, especially in the fourth quarter.The overall share of pension fund investments in equity and equity investments fell by 6 percentage points year on year to 26%, and that of bond and bond funds by 4 percentage points to 50%, while the cash share grew by 7 percentage points to 15%.Geographically, the share of investments in Latvia increased from 42% to 43.5%.There was a growing interest in alternatives such as funds investing in Latvian venture capital and real estate.The second-pillar funds were also one of the biggest investors in the green bonds issued in 2015 by Latvenergo, the state-owned electricity and thermal-power supply, generation and transmission company.The bonds were the CEE’s first renewable energy securities issued by a state-owed company.The funds increased their share of investments in Eastern Europe from 17% to 20%, and that in the rest of Europe from 14% to 16%, while scaling back their asset allocation in North America, Asia and in international/global securities.Third-pillar average 12-month returns also declined over the year, from 5.33% to 2.28%.Those of the active plans fell from 6.62% to 3.34%, and those of the balanced plans from 4.91% to 1.71%.There was relatively little change in the balanced funds’ asset allocation.As of the end of 2015, bond and bond funds accounted for the highest share of portfolios (64%), followed by cash (14%) and equity and equity funds (10%).The active funds reduced their equity holdings from 41% to 34% while increasing their bond and cash allocations to 43% and 11%, respectively.Latvian-denominated securities accounted for 34% of third-pillar fund investments, Eastern Europe 11%, the rest of Europe 23% and global securities 16%.Assets grew over the year by 17.7% to €330m, and membership by 8.1% to 255,012, of which 22% had their contributions paid by their employers.last_img read more

How to avoid legal pitfalls when buying a new home in Cairns

first_imgIt’s essential to do your own checks when buying a new home to avoid legal issues down the track.BUYING a new home is already a stressful time, so nobody wants the added stress of legal issues with their house. But many homebuyers find themselves tangled up in costly legal issues that are easy to avoid. Parke Lawyers managing director Jim Parke said emotion sometimes took over common sense when buying a home. “This means that important checks such as up-to-date title searches, building inspections, planning reports and council checks are often not given due consideration or are even overlooked.” He said a lot of buyers didn’t consider that some buildings were illegal, but they often had the power to spoil that new home feeling. “The presence of illegal structures or buildings is more common than many would think, particularly when it comes to granny flats or self-contained bungalows, even if they are not new,” he said.“With the rising popularity of renovating for profit, new decks or pool areas may be built without required permits, or attached garages unlawfully converted into living areas and rumpus rooms.”Mr Parke said being found in breach of building laws could cause a big headache for the owners. “This can result in the new property owner having to bring the site and structures into compliance, and if this is not possible, then the local council can order the offending structures to be demolished,” he said. “Either way, there are considerable expenses involved.”He said performing due diligence was essential before buying, because real estate agents and conveyancers weren’t bound to ensure compliance with laws. More from newsCairns home ticks popular internet search terms2 days agoTen auction results from ‘active’ weekend in Cairns2 days agoHe said some common warning signs to look out for were structures too close to fences and boundaries, low-quality work or newer outside areas being annexed to older houses. He said anything built over common areas where there was common property on a site should raise red flags.Regulators are often looking out for safety when they enforce building laws. Mr Parke said non-compliant homes could also have serious insurance issues. “Obtaining legal assistance during the purchasing process can help address any concerns from purchasers’ research,” he said.“While conveyancers are very limited in areas they can advise upon, lawyers can assist with all legal issues arising from the purchase or sale of property.“If a vendor is concerned about compliance, this can often be rectified prior to sale.“If a purchaser suspects that the structures on site do not match the information in the vendor statement, legal advice can help to identify any hidden traps.“A small investment in sound legal advice can help to prevent buyers from inheriting these ticking time bombs. Nobody needs more stress or the cost of rectifying building works when buying property. Legal advice is an effective investment to ensure the home ownership experience is a dream, not a nightmare.”last_img read more

Housing sector pressures govt to start new visa for foreign tradies

first_imgThe housing sector wants a new visa created to suit the independent contracting model used by the industry. Picture: Jack Tran/The Courier Mail.The Australian government is facing mounting pressure to create a new type of visa for foreign tradies in a bid to boost housing affordability.With the Federal Election set for May 18, political parties are facing pressure from the multi-trillion housing sector to develop a new visa category to meet a shortfall in trades people for the residential sector.Housing Industry Association managing director Graham Wolfe said “recent proposals to make changes to the ‘457’ skilled working visa will not address the bigger problem of how to fill the shortage of skilled trades people available to build new homes and apartments”.Former prime minister Malcolm Turnbull has announced two years ago his intention to abolish the 457 temporary skilled work visa. It has since been closed to any new applicants. Labor this week supported a crackdown on work visas with a statement by Bill Shorten stating “around four out of five temporary skilled worker visas are granted for occupations where there is no shortage of skilled workers in Australia — this needs to change”. He said the current visa models did not suit the housing industry which relied on independent contracting.“HIA’s Federal Election Imperatives call on all parties to remove the caps and limits that currently exist on skilled and business migration categories and to introduce a new skilled migration category for independent contractors in the residential building industry,” he said in a statement.“A well thought out migration policy coupled with a strong sector to train future trades people in Australia will go a long way to helping supply the homes we need over the next decade.” Is this Brisbane’s flashiest property? High-end overhaul of Brisbane beauty FOLLOW SOPHIE FOSTER ON FACEBOOK MORE REAL ESTATE NEWS More from newsParks and wildlife the new lust-haves post coronavirus13 hours agoNoosa’s best beachfront penthouse is about to hit the market13 hours agoHIA warned the industry was “more vulnerable to skill shortages than many other industry sectors”. Picture: Jack Tran/The Courier Mail.But Mr Wolfe said “the focus of any reforms should be on creating a new visa category for skilled worker that is not bound to an employer but can operate as a trade contractor independent of a single employer”.He warned that the housing industry was “more vulnerable to skill shortages than many other industry sectors due to an ageing labour force, the physical nature of work, the ongoing demand for new housing and the often cyclical nature of activity”.“The housing industry is vital to the wellbeing of Australian society. Australia will need to build over 2.3 million houses by 2030 to keep up with demand. In the last year alone there was $108b worth of residential construction carried out in Australia.” Video Player is loading.Play VideoPlayNext playlist itemMuteCurrent Time 0:00/Duration 0:58Loaded: 0%Stream Type LIVESeek to live, currently playing liveLIVERemaining Time -0:58 Playback Rate1xChaptersChaptersDescriptionsdescriptions off, selectedCaptionscaptions settings, opens captions settings dialogcaptions off, selectedQuality Levels720p720pHD432p432p216p216p180p180pAutoA, selectedAudio Tracken (Main), selectedFullscreenThis is a modal window.Beginning of dialog window. Escape will cancel and close the window.TextColorWhiteBlackRedGreenBlueYellowMagentaCyanTransparencyOpaqueSemi-TransparentBackgroundColorBlackWhiteRedGreenBlueYellowMagentaCyanTransparencyOpaqueSemi-TransparentTransparentWindowColorBlackWhiteRedGreenBlueYellowMagentaCyanTransparencyTransparentSemi-TransparentOpaqueFont Size50%75%100%125%150%175%200%300%400%Text Edge StyleNoneRaisedDepressedUniformDropshadowFont FamilyProportional Sans-SerifMonospace Sans-SerifProportional SerifMonospace SerifCasualScriptSmall CapsReset restore all settings to the default valuesDoneClose Modal DialogEnd of dialog window.This is a modal window. This modal can be closed by pressing the Escape key or activating the close button.Close Modal DialogThis is a modal window. This modal can be closed by pressing the Escape key or activating the close button.PlayMuteCurrent Time 0:00/Duration 0:00Loaded: 0%Stream Type LIVESeek to live, currently playing liveLIVERemaining Time -0:00 Playback Rate1xFullscreenHow much do I need to retire?00:58last_img read more

Revealed: Where to buy an investment property and cash in on capital growth in Brisbane

first_imgCutters Landing is the best performing apartment building in inner Brisbane, according to a new report.New Farm and Teneriffe topped the list because of their proximity to the CBD and lifestyle amenity, with the Cutters Landing building in New Farm coming out on top. Apartments in Cutters Landing have achieved 6.1 per cent capital growth in the past 12 months.“What has been occurring in our marketplace over the past 12 months has been a consistent trend towards higher quality properties as owner occupiers have become the predominant buyers,” the Place Advisory report said.“However, with APRA continuing to loosen lending restrictions, expected interest rate falls and no changes to negative gearing or capital gains tax, investors will likely begin coming back into the market in the medium term.” Inside one of the apartments in Teneriffe Village.Dylan Leone and his partner, Jaco Gunter, bought a 220 sqm, two-bedroom, two-bathroom apartment in Cutters Landing in 2017. Mr Leone said he was happy they had made a good investment choice and would hold on to the property, even if they moved in future.“(The apartments in Cutters Landing) are fairly tightly held so that obviously influences the growth because people do choose to live there from a lifestyle perspective,” Mr Leone said.“We really like the location and the precinct. “From a presentation perspective, it’s incredibly well maintained and that appealed to us and … there’s not that many apartments that offer the scale that the Cutters Landing apartments do.” This three-bedroom house at 13 Bimbah St, Forest Lake, is on the market for $399,000+.The suburbs where investors are likely to pocket the highest rental income are in New Farm, where the weekly median rent is $650 for an average three-bedroom house, followed by Spring Hill, Petrie Terrace and Brisbane’s CBD with weekly rents of $600 on average.Ms Crampton said weekly rents had been increasing at a rate of five to 10 per cent within 5km from the CBD.“This will not dissipate,” Ms Crampton said.“We will see more and more of that because people need to live closer to their places of work and it’s about their lifestyle choices.”Ms Crampton said investors could expect capital gains of between 10 and 20 per cent in a shorter timeframe if they bought in an inner-city location.SUBURBS WITH THE HIGHEST WEEKLY RENTS FOR 3-BED HOUSES Suburb Median price Weekly rent Yield1. New Farm $1.37m $650 2.5%2. Spring Hill, Petrie Terrace, CBD $862,500 $600 3.6%3. Paddington, Milton $925,000 $600 3.4%4. Red Hill, Kelvin Grove $812,500 $565 3.6%5. Auchenflower, Toowong $800,000 $555 3.6%(Source: Place Advisory) This house at 113 Musgrave Rd, Red Hill, is for sale for offers over $899,000 and would make a great investment property.When it comes to apartments, supply in inner Brisbane is starting to dwindle and there are green shoots of positivity emerging, according to Place Advisory.Some developments are doing better than others though, with quality, owner-occupier targeted apartments in demand while those aimed at investors are not selling as fast.Place Advisory has also carried out a study on the best performing apartment buildings in Brisbane and found good quality, high-rise apartment buildings close to the Brisbane River and with a design aimed at owner occupiers came out on top.More from newsParks and wildlife the new lust-haves post coronavirus12 hours agoNoosa’s best beachfront penthouse is about to hit the market12 hours ago MORE: House earns owners $200k a year Dylan Leone and Jaco Gunter live at Cutters Landing in New Farm. Picture: Peter Wallis.THE best Brisbane suburbs to invest in property have been revealed, with potential goldmines waiting to be snapped up by savvy buyers.A new report from Place Advisory has found the suburbs with the highest rental yields are mostly in the middle ring on the city’s southside, while those with the highest rental incomes are inner-city lifestyle locations.Darra, in Brisbane’s west, tops the list, with a median house price of $350,500 and average weekly rent of $335. RELATED: This apartment probably earns more than you The view from one of the apartments in Edgewater at Toowong.BRISBANE’S BEST PERFORMING APARTMENT PROJECTS IN 2018/19Building Average Annual Capital Growth Suburb Scale Waterfront1. Cutters Landing 6.1% New Farm High-rise Yes2. Oxlade Court 6.1% New Farm Mid-rise Yes3. Teneriffe Village 5.9% Teneriffe High-rise Yes4. Edgewater 5.7% Toowong High-rise Yes5. Rivercity Terraces 5.6% Kangaroo Point High-rise YesHigh-rise: at least 41 apartments; Mid-rise: 11 to 40 apartments; Low-rise: Maximum 10 apartments(Source: Place Advisory) Investors are set to pocket a five per cent yield on a three-bedroom house in this suburb.Forest Lake, Ellen Grove and Kuraby are not far behind, with slightly more expensive median prices, but the same five per cent rental yield.Place Estate Agents property management director Cathie Crampton said five per cent was a good rental yield in any market — and it was only set to increase.“We will see now, I believe, movement toward six per cent (yields),” Ms Crampton said.“But when you’re investing in those median ring suburbs, they’re median term holds.”SUBURBS WITH THE HIGHEST YIELDS FOR 3-BED HOUSES Suburb Median price Weekly rent Yield1. Darra $350,500 $335 5%2. Forest Lake, Ellen Grove $382,000 $365 5%3. Kuraby $370,000 $355 5%4. Durack, Richlands, Inala, Doolandella $365,000 $330 4.7%5. Acacia Ridge, Willawong, Pallara,Larapinta, Heathwood $395,000 $360 4.7%(Source: Place Advisory) Apartments in this building in Teneriffe have performed well for investors. The view from one of the apartments in Cutters Landing, New Farm.Other apartment buildings that outperformed the market include Oxlade Court in New Farm and Teneriffe Village in Teneriffe, where apartments have achieved capital growth of on average 5.9 per cent in the past 12 months.Place Advisory director Lachlan Walker said boutique buildings and aspirational locations were the primary drivers of strong capital growth in apartments.Mr Walker said apartments in the top five best performing buildings were achieving capital growth far greater than the long-term average of around three to four per cent.“These buildings have a good reputation and are in good locations and people in the area want to live there,” Mr Walker said.last_img read more

SOLD: Blockbuster auction weekend ahead in Brisbane

first_imgThis house at 31 Billington St, Alderley, is going to auction on Saturday.AN ARRAY of classic Queenslanders are set to go under the hammer, but a rare block of vacant land could create the biggest buzz among buyers in Brisbane this weekend.At least three potential parties have already put their hands up to bid for the 405 sqm parcel in the sought-after, inner city suburb of Norman Park.Investors and builders will be hungry for a piece of the auction action at 93 Macrossan Avenue on Saturday when Place Estate Agents get things underway at 11am. This block of residential land at 93 Macrossan Ave, Norman Park, is going to auction on Saturday.For early risers, another auction in Norman Park will be taking place around the corner at 92 Morehead Avenue on Saturday.A 1930s Queenslander with traditional features such as VJ walls, picture rails and casement windows will go under the hammer at 9am.The home has been beautifully updated, with the contemporary kitchen featuring a walk-in pantry, stone bench tops, Miele appliances and bi-fold servery windows and doors opening out to a back deck. This house at 92 Morehead Ave, Norman Park, is going to auction on Saturday.The property is within walking distance to parks, shops, restaurants, cafes and public transport. It’s likely to be popular with growing families wanting to secure a place in the catchment of Seven Hills State School, or to be close to St Thomas’ Primary Camp Hill, Lourdes Hill College and Anglican Church Grammar School. Inside the house at 92 Morehead Ave, Norman Park.On Brisbane’s northside, another character-filled Queenslander is up for grabs in Alderley.The three-bedroom, two-bathroom house at 31 Billington Street is in the prized Wilston State School catchment and within walking distance of coffee shops, neighbourhood bars and restaurants. This house at 31 Billington St, Alderley, is going to auction on Saturday.The home has been renovated to inspire entertaining, with an open-plan kitchen, living and dining area seamlessly connecting with an outdoor entertaining space and pool.Traditional features such as the leadlight entry, timber floors and decorative pressed metal ceilings blend with modern extensions at the back of the home.There is room for further expansion, with the undercroft of the home left undeveloped.Craig Clydsdale of Ray White Alderley is taking the property to auction at 10am on Saturday. Inside the house at 31 Billington St, Alderley, which is going to auction on Saturday.And in nearby Ashgrove, a huge house with some quirky features will make buyers look twice.Perched on a 1000 sqm block, the home at 32 Lindsay Street is a renovator’s delight, having been in the same family for 34 years.It will also appeal to those with a view to levelling the block and starting again. This house at 32 Lindsay St, Ashgrove, is going to auction on Saturday.More from newsParks and wildlife the new lust-haves post coronavirus10 hours agoNoosa’s best beachfront penthouse is about to hit the market10 hours agoAshgrove is a high demand suburb, with an abundance of parks, shops and public transport options.It is also sought after for its schools, including Mt St Michael’s and Marist College.The property is scheduled to go under the hammer at 2pm on Saturday. This house at 32 Lindsay St, Ashgrove, is going to auction on Saturday.Finally, on the Sunshine Coast, a ground floor unit on Kawana Island, near Mooloolaba is on offer.The stand-alone, four-bedroom apartment at 208/1 Fiji Court is only three years’ old, spans 216 sqm and has a private courtyard.It has all the advantages of a waterfront home, with the complex right on the water’s edge and with its own pontoon. This unit at 208/1 Fiji Court, Kawana Island, is going to auction on Saturday. This unit at 208/1 Fiji Court, Kawana Island, is going to auction on Saturday.Facilities within the apartment complex include landscaped grounds, a resort swimming pool, a barbecue and a tennis court.Ideal for buyers who don’t have the budget for a waterfront home with ocean access.last_img read more