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Growing numbers of homeowners are focused on property upgrades

first_imgJohn and Emma Stubbs renovated their home in Annerley. Photo: JACK TRANYoung Brisbane homeowners are leading the way in renovating their properties to accommodate growing families, according to a new report.Three quarters (76 per cent) of Australian homeowners are on a home renovating journey, up 12 per cent since 2015, Westpac’s Home Ownership Report shows.Of those, almost half (47 per cent) are considering renovating their home, one in five (20 per cent) are now renovating, and 70 per cent have undertaken past renovations.The nationwide study commissioned by Westpac found renovating was now the highest priority for nearly one third (32 per cent) of homeowners considering a house-related activity in the next five years.Gen Y was found to be the generation most likely to be considering renovating in the future (46 per cent), compared with Gen X (39 per cent) and then Baby Boomers (31 per cent).Annerley’s Emma Boddington-Stubbs and architect husband John Stubbs, both 39, have been renovating their home for the past 10 years.“The previous owners wanted us to buy it over others because we planned to return its architectural character rather than a new development,” Mrs Boddington-Stubbs said.“While it is our home and John’s place of business, it is also an investment for the future.”Mrs Boddington-Stubbs said they had lived in several apartments and wanted to own a home so they could have some dogs and put items on the wall where they wanted.She said renovating the house had involved “a lot of work”. We made a rookie error and started renovating before asking the bank for a loan,” she said.“They took one look at the house and said they would give us a fraction of what we wanted to finish it.More from newsMould, age, not enough to stop 17 bidders fighting for this home5 hours agoBuyers ‘crazy’ not to take govt freebies, says 28-yr-old investor5 hours ago“As a result, our renovations have been self-funded, which, while tough, will mean a far greater profit for us when we come to sell.”Ray White Indooroopilly agent Desley Arnold said many Gen Ys were wanting to get their foot in the door, and get off the rent cycle.“Inner suburbs are providing excellent opportunities to pick up an older property with the right address, school catchments etc, and then allowing them the time to be able to renovate when affordable,” Arnold said.“Units and apartments are also proving popular as a first home, with the option to renovate for themselves, or use as equity to purchase a house in the same area.“Suburbs in the inner west are ideal for these buyers as many owners are original, having been in the area for 40-plus years and the homes are solid and perfect for renovation.”She said if seeking the right address for schools and easy access was important, then buying a new house was not usually an option for the Gen Ys in these areas, due to the high end asking price, however purchasing an older home and renovating was.Westpac Group head of home ownership Chris Screen said the competitive housing market had inspired a surge in home renovations.“With rising property prices and intense competition for property in metro areas, many homeowners are looking to renovate their existing property rather than sell and risk losing their position in the market,” Screen said.last_img read more

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HLEG recommends ‘enhanced’ ESG role for European supervisors

first_imgIt highlighted this as an area of “policy direction” for the European Union, saying the ESAs “should build sufficient expertise on sustainability issues, scenario analysis and general ESG factors related to medium and long-term risks”.It specifically recommended that the role of the ESAs in assessing ESG-related risks be enhanced.The European Systemic Risk Board last year recommended that stress tests of European pension funds cover climate-related risks.The HLEG’s report set out eight recommendations in total in its report.It recommended that the EU develop a classification system and establish an official European standard and label for green bonds and other sustainable assets.Commissioners Valdis Dombrovskis and Jyrki Katainen said in their introduction to the report: “These labels will provide the confidence and trust in sustainable and green products needed for investors to fund the transition to the low-carbon economy.”PensionsEurope, the trade body for European pension funds, welcomed the classification and label recommendations.  However, Matti Leppälä, secretary general of the association, cautioned against introducing new rules and obligations for the European pension fund sector, saying that the HLEG’s report included suggestions on revising the European pension fund directive IORP II.“The new IORP II directive includes many provisions on ESG, as part of risk management and investments,” he said. “It would be advisable to first see the impact of these new rules before expanding them.”ESG ‘integral’ part of fiduciary dutyThe HLEG noted that the IORP directive took sustainability issues into account, but said that it and other directives would need to be reviewed to implement “the clarification of fiduciary duty and sustainability”.The HLEG has recommended it be clarified that managing ESG risks is an integral part of fiduciary duty. A single set of principles on fiduciary duty and the related concepts of loyalty and prudence should be established in the European Union, according to the HLEG.Stefanie Pfeifer, chief executive of the Institutional Investors Group on Climate Change (IIGCC), said “the identification, disclosure and effective management of the huge physical and transition risks posed by climate change” must be at the core of any “functional definition” of fiduciary duty.“We therefore endorse the call by HLEG for the recent recommendations from the FSB’s Task Force on Climate-related Disclosures to be integrated in a way that advances EU leadership on this agenda and provides greater legal certainty alongside efforts to ensure an international level playing field,” she said.The other recommendations set out by the HLEG were to:-       unlock investments in energy efficiency through relevant accounting rules;  –       strengthen ESG reporting requirements;  –       introduce a “sustainability test” for EU financial regulation; and –       create an organisation dedicated to developing and structuring infrastructure projects and matching them with investors. The report said the group had identified “dual imperatives” for the European financial system.The Commission said it would start exploring the HLEG’s early recommendations “as of now”.The group is due to present a final report at the end of 2017 and will continue to examine other policy areas, such as integrating sustainability considerations in ratings.The report can be found here. The European Insurance and Occupational Pension Authority could in future include environmental, social and governance (ESG) risks in its stress tests of pension funds, the European Commission-appointed High Level Expert Group (HLEG) on sustainable finance has suggested.The idea was included in a wide-ranging interim report on its work to help develop an EU strategy on sustainable finance, published today.The other European Supervisory Authorities (ESAs) could do the same, the report said, identifying climate-related risks as the most “obvious”.However, this should only happen once “sufficient expertise on sustainability has been built up to avoid undue scenarios and outcomes”, according to the HLEG.last_img read more

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Tipp lose out to strong Deise side for U21 Munster title

first_imgSelector Liam O’Shea believes the last quarter-hour of the match proved pivotal. An Austin Gleeson-inspired Waterford proved a little too good for the Premier County in last night’s U21 final.The Déise ran out 2-19 to 0-15 victors at Walsh Park.Tipp manager William Maher says his players gave their all…last_img

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