The four Swedish national buffer funds (AP1-AP4) have decided to divest their holdings in US retail giant Walmart Stores and three other companies for breach of international conventions.In addition to Walmart, the AP funds are to sell their stakes in Freeport McMoRan Copper & Gold, the mining company, and Incitec Pivot and Potash Corp, both chemical producers, as several years of talks between the Ethical Council and the companies failed to deliver the desired results.The AP funds made their decision on the advice of the Ethical Council, in which the four funds cooperate on corporate-governance issues.The Council was founded in 2007, and several of the AP funds were already in dialogue with Walmart before then. AP2 excluded Walmart from its portfolio in 2006. Christina Kusoffsky Hillesöy, chair of the Ethical Council, said that, after detailed analysis and years of dialogue, it concluded that further engagement with the companies would not be “fruitful”.She pointed out that AP funds prefer engagement as a primary tool in dealing with companies, trying to encourage them to behave in a more responsible and ethical way.Divestment is a last resort.Kusoffsky Hillesöy conceded that having to sell the share was a setback, as the AP funds failed to secure lasting improvements despite years of engagement.Walmart has been excluded due to its US business being linked the abuse of workers’ rights, in contravention of the ILO core convention on working rights.The company also denies employees their right to form and join trade unions.Freeport McMoRan has been excluded because of its mining operations in Indonesia, in violation of the UN convention on Biological Diversity.The recommendation to exclude Incitec Pivot and Potash was a result of both companies buying phosphate from a Moroccan company mining phosphate in Western Sahara.Western Sahara has been occupied by Morocco since 1975 and is on the UN list of non-self-governing territories to be decolonised.In 2002, the UN stated that mining for natural resources in the Western Sahara against local consent was a violation of the UN Covenant on Civil and Political Rights, as well as the Covenant on Economic, Social and Cultural rights.
Gaps in skills and knowledge are the main reason behind low levels of confidence in decision-making among pension scheme trustees, according to Mercer’s 2013 Pensions Governance Survey.The survey revealed that less than half of respondents, 46%, felt confident in making short-term tactical asset allocation decisions.Chairs of trustees have an even more pessimistic view, with 54% feeling they have missed market opportunities, compared with 19% for other trustees.Only 61% of participating trustees felt their board was sufficiently confident in making decisions on investment strategy, while 64% were confident in negotiating funding valuation outcomes, and 74% were confident in assessing the strength of the sponsor covenant. Amongst those who acknowledged a lack of confidence in decision-making, the majority, 66%, put this down to skills and knowledge gaps, while 23% cited lack of time devoted to discussion. Schemes with assets below £250m (€297m) – particularly below £50m – find many areas of investment decision-making challenging and tend to take longer to implement decisions.Clare Owen, UK leader of governance and trustee services at Mercer, said: “The lack of confidence in decision-making among trustees often leads to delays in implementing change, new innovations or solutions to address the complex challenges associated with scheme financing.”The result is higher costs for scheme sponsors. To capture new innovation and best practice in implementing financing solutions, trustees need to work more closely with their scheme sponsor and consider delegation of some decisions to external advisers and professionals.”The survey also found that 42% of schemes require no mandatory qualifications for trustees.Just over half of all schemes require trustees to have completed the Trustee Toolkit despite the legislative requirement for trustees to develop a prescribed level of knowledge and understanding, and the regulator’s expectation that individuals will address their learning needs through either the Toolkit or an equivalent level of training.Owen said: “We are conscious many trustees are concerned about the technical complexity of the role and the required time commitment. So it is surprising and disappointing such a large proportion of schemes remain uncommitted to putting their trustees through the Toolkit training.“It is essential that quality time is set aside by boards to either complete the Toolkit or to undertake appropriate regular training to enable trustees to be competent and confident in their trustee role.”Three-quarters of all schemes now carry out some form of trustee board assessment, while 44% of schemes attract the required skills and competencies of the trustee board via the appointment of an independent trustee.The involvement of independent trustees has increased significantly across all but the smallest schemes, with 48% of schemes having at least one independent trustee, either an individual or someone from a trustee company.Independent trustees now chair 34% of schemes.The report can be requested here.
According to the pension fund, it returned 18.7% on its 31% equity allocation, but lost 3.1% on its fixed income investments, which account for 61% of assets.Property and alternatives generated annual returns of 1.3% and -4.8%, respectively.It added that it lost 2% on the 55% interest hedge on its liabilities, as a consequence of rising interest rates.Meanwhile, the €48.3% metal scheme PMT, which had to cut pension rights by 6.3% last year, said it would not apply a rights discount again.It based its decision on its current funding surplus of 0.2 percentage points, following an increase in its coverage ratio of 0.6 percentage points to 104.4% during January.PMT reported an annual return of 1%.The €38.5bn industry-wide scheme for the building industry, BpfBouw, did not publish its annual return but said its funding increased to 111.6% at year-end.However, the pension fund stressed that it remained cautious and had decided to refrain from indexation.“We have opted for a balance in dividing up the financial burden between current and future generations of pensioners,” the board said. The board of €30.6bn metal scheme PME said it was still assessing options for additional recovery measures after reporting a funding shortfall of 0.9 percentage points at year-end.“A rights cut would be the ultimate emergency measure,” it said in an explanation of its fourth-quarter report, adding that it would clarify its position further at the end of February.Last year, PME had to discount pensions rights by 5.1% to stay on course for recovery to the required minimum funding of 104.3%.The scheme attributed its annual result of 0.9% to its low-risk investment policy, adopted due its relatively weak financial position.
Clearly, the answer so far has been a resounding ‘no’. But an EU characterised by massive trade surpluses produced by a regional hegemon cannot hope to be a stable entity. As Bernanke points out, Germany’s large trade surplus puts all the burden of adjustment on countries with trade deficits, which must undergo painful deflation of wages and other costs to become more competitive. The breaking of the taboo over membership of the euro in July, when European finance ministers raised the possibility of Greece departing and being alone again, has demolished the idea that the Hotel euro-zone, like the famed Hotel California, is only programmed to receive. You can check out any time you like, but you just can never leave.The issue that does need to be squarely addressed though is whether, as many are now suggesting, the EU would be better off if Germany left the euro-zone rather than Greece. Its currency would appreciate dramatically, reducing its trade surplus, but the value of its euro denominated debts would go down when measured in Deutsche mark. If the Netherlands, Finland and Austria followed suit to form a northern euro-zone whose currency would appreciate against that of the remaining Euro, it would potentially help to solve many of the imbalances that now exist.Whilst such an outcome may be fanciful, the issues it raises are not going to disappear. But for Greece, its problems are not going to be solved by just replacing its currency. The benefit to Greece of joining the euro-zone was the hope for macroeconomic stability and the psychological assurance that participation in the euro would bring Greece closer to the western European countries within the EU and thus enhance its security against what it perceived as aggressive and unstable neighbours surrounding it. Greece now looks an anomaly within the EU. It may still be classed as a developed market by some, but it is at the bottom of the rankings – and has already been reclassified as ‘emerging’ by MSCI, S&P and others.It has structural problems that its post-war governments have never been able to solve, such as corruption and tax evasion that make it closer to an emerging market than a developed. Greece’s population will have suffered a sense of déjá vu as their political classes failed to develop a modern European state. The election of Syriza was a reaction to that failure. Yet Syriza itself, incorporates elements that are hostile to what Greece needs to become prosperous – the development of a vibrant private sector. The contrast between the private sector in Greece and Germany’s Mittelstand, the hugely successful SMEs that have provided the backbone to Germany’s economic success, is striking.Another telling comparison is with the SME space in Italy’s north, which has gone through various transformations from embroidery to car parts, retaining the strong links and support between them. Perhaps the EU should focus less on austerity for Greece and more on how the frameworks that support the Mittelstand in Germany and the SME space in Northern Italy can be encouraged in Greece.If the EU allows Greece to fail now, it may be economically acceptable, but it may well destroy the political vision that ultimately holds the EU together. The ramifications of that may be uncontrollable. Greece faces the renewed struggle of stayin’ alive, writes Joseph Mariathasan, but has the euro-zone really done enough to stimulate economic growth and avoid tragedy? The news that Greece’s prime minister Alexis Tsipras is resigning, triggering an early election, should perhaps not be a surprise, given the country has now agreed the terms on a €86bn rescue program accepting tough austerity measures that fly in the face of the promises on which the Syriza party was elected. But it also reflects an assessment of the reality that faces Greece and also the EU.The Greek newspaper Kathimerini in March published a sketch featuring Yanis Varoufakis, the then-current Greek finance minster. In it, Varoufakis tells a gathered crowd: “Ladies and gentlemen, I present to you the ‘Brussels Group’, aka the Bee Gees, who will sing to us ‘Stayin’ alive’.”That cartoon is still relevant, albeit now needing to replace Varoufakis with Euclid Tsakalotos. But for both Greece and the rest of the EU’s sake, the country has aim higher than simply stayin’ alive. That means both the EU and Greece need to come to a consensus on just what it means to be a member of the club. Indeed, one can ask, as former Fed Chairman Ben Bernanke did in July, whether Europe is holding up to its end of the bargain? Specifically, Bernanke wondered, is the euro-zone’s leadership delivering the broad-based economic recovery that is needed to give stressed countries like Greece a reasonable chance to meet their growth, employment, and fiscal objectives?
To one asset manager, the situation is clear. Pension funds are seeking yield. Yield is in high yield. It can be shown that, over the last 8-10 years, high yield, compared with other forms of fixed income, had an attractive risk/return profile. That’s nice to know, but the period is long enough to cover a complete economic growth cycle, so it does not apply to a situation where we are preparing for an expected surprise, but to a situation where we are considering an ALM outcome.One thoughtful manager notes that US high yield is inversely correlated with oil prices. That looks like an argument to dump US high yield to me and seek direct exposure in oil if that were the intention. After all, oil doesn’t default.Another manager recommends credit-linked obligation. It sounds fine. Statisticians have been looking for market imperfections in the bond market for a long time, and packaged unlisted private credit seems a better place to look than many others. But what do we know about the risk and liquidity of that market, especially when markets are turbulent?Infrastructure financing is another favourite – nice, long term and stable incomes, at least as long as the government can be trusted not to change tariffs unilaterally. Maybe even more important, it is highly illiquid, especially in a disturbed financial environment. In other words, not a defensive move against the expected surprise, but another ALM consideration.What’s a poor pension fund to do? There are alternatives for present portfolios, but do they offer protection when the US Federal Reserve finally moves? Are pension funds lambs, waiting for their slaughter? To have some idea about how pension funds are positioned, we could do worse than to look at the latest report of af2i, the French organisation of institutional investors. Noting that its members can be pension funds, insurance companies or independent funds, such as the Caisse des Dépôts, French institutional investors are great users of bonds. The members of af2i are typically 70% invested in bonds.Of their bond portfolios, around 50% are sovereign, and practically all are investment grade. High yield is around 2.5% of the average portfolio, but private credit is on the rise at more than 3%. The average maturity of the portfolios is around seven years. Plans for the future are basically to continue present trends.This looks like a boring, middle-of-the-road portfolio, not like a preparation for the expected surprise. Are French institutional investors unprepared? Look again at the graph above. The data give hardly any indication on where to be. However, they do not measure another dimension – the quality of the investment. The best defensive portfolio in a downturn is a high-quality portfolio, and that is exactly how the af2i members are positioned.Now we are ready to analyse the gap between managers and investors. Managers assume investors can time the market: get out of high yields before the going gets rough. At the same time, it is a brave manager that claims to be able to time the market. They assume pension funds are looking for yield first. However, pension funds are so hemmed in by supervisors that bear no responsibility for pension quality that their first priority is risk, not return.Managers assume pension funds are nimble investors that can turn around portfolios in little time. In reality, big pension funds are often bureaucracies, where following the herd is a safer course than showing initiative and creativity. Small pension funds and those that have completely outsourced the portfolio have a communication problem that slows down decision-making. It pays to think far ahead.Meanwhile, pension funds are apparently unable or unwilling to communicate their inabilities and restrictions to managers. May both parties realise they have an interest in improving the situation.Peter Kraneveld is international pensions adviser at PRIME bv Pension funds and asset managers are suffering from a communication breakdown, argues Peter KraneveldPension funds and asset managers famously need each other and complain that the other does not understand them. Here is a case study on different wavelengths.US interest rates going up is an expected surprise. Most analysts seem to expect an upward move before the end of the year – pretty precise for a prediction. So how should pension funds position their investment portfolios to weather the storm best?The graph below presents a general case of the relation between economic growth and the investment portfolio. OFI Global Asset Management provided the figures. At present, we are somewhere near the point where expansion turns into slowdown. In the expansion phase, equity and high yield should be preferred. During the slowdown, high yield is to be avoided, and the rest will generally stay where they are or get worse.
The results of the stress tests of European occupational pension funds carried out by EIOPA underscore the need for effective regulation to protect pensioners and companies, Green Party MEP Sven Giegold has said.Giegold is the financial and economic policy spokesperson of the Greens/EFA group in the European Parliament, and a member of the Economic and Monetary Affairs Committee (ECON).Giegold said the results painted “a gloomy picture”, revealing that defined benefit occupational pension schemes faced a “dramatic” funding shortfall.“This stress test has revealed funding gaps for occupational pensions,” he said. “EIOPA has underpinned worse-case misgivings with numbers.”He pointed to the €773bn figure that emerged as the deficit facing pension funds under EIOPA’s second stress scenario and said this illustrated the funding gap in accruals facing EU occupational pension schemes.“National accounting standards,” he added, “conceal the funding gaps included in the balance sheets of many companies.”Giegold said pension schemes were weaker than the stress tests showed, arguing that they did not test a realistic scenario of enduring low interest rates and longer life expectancy.He also took issue with EIOPA’s use of a 4.2% risk-free discount rate for longer maturities (the ultimate forward rate) and said EIOPA’s statement on the results downplayed the outcome of the tests.He called for an end to a “head-in-the-sand” policy on life insurance and occupational pensions, and for “an open and honest” debate in the EU and national parliaments on “the lack of funding due to low interest rates”.“It is unacceptable to just pretend problems do not exist,” he said.Giegold said companies should not become hostages to pension promises, “expected to make up the gaps from profits that will be under increasing pressure”.They need to be able to invest while it is also “equally unacceptable to simply assume hidden state guarantees”, he said.Giegold’s reaction to the stress tests contrast with those of several national regulators and pension fund associations, many of which concluded that the results showed that pension schemes posed no risk to financial stability.
The six points of the new doctrine are:To identify best practice and go on the offensive with companies that avoid tax;To support criticism of companies by action-orientated dialogue;To actively support relevant shareholder resolutions on tax at annual general meetings;To ensure that stock lending never leads to dividend tax speculation;To ensure direct investments in developing countries take place without tax incentives or tax exemptions;To work towards tax being a guiding principle in the UN Guidelines for Corporate Responsibility.PBU said that when tax was “twisted”, this harmed Denmark’s welfare society and weakened the opportunities developing countries had of growing out of poverty.According to the OECD, the equivalent of around DKK2trn (€269bn) was lost every year globally in corporation tax revenues as a result of global profits being shifted around and tax havens being used.A conservative estimate was that Denmark alone was losing DKK5bn a year in this way, PBU said, which could be used to finance 5,000 education practitioners and 1,000 extra school teachers as well as giving a long-term boost to school and day-care centre buildings.In developing countries, multinational companies often relied on the extraction of natural resources, but their contribution to local populations was limited because of their tax planning across national borders, and tax exemptions in countries where corruption was a widespread problem, PBU said.Loss of tax revenue and the potential consequent erosion of welfare provision has had a high profile in Denmark over the last two years, with some large-scale tax fraud scandals hitting the headlines in the high-tax country. Danish education sector pension fund Pædagogernes Pension (PBU) has introduced a code of behaviour for pension funds on tax ethics.The code is aimed at improving the behaviour of companies in which it invests, and PBU has called for other pension funds in Denmark to adopt it.Sune Schackenfeldt, chief executive of PBU, said: “As a pensions company and an institutional investor, we have an interest in getting dubious tax planning practices into the open.“We would like it to be possible to discuss this and get things changed over time, even if this is easier said than done.”
SYZ Asset Management – The CHF18.2bn (€16.1bn) Swiss asset manager has named former M&G CEO and current EFAMA president William Nott (pictured) as its new chief executive, subject to regulatory approval. Upon joining on 7 January he will become a member of the executive committee and a “key shareholder”, the company said.Nott was CEO of M&G Securities, now part of M&G Prudential, for nearly 12 years until December 2017, overseeing the UK fund management group’s growth from £11.7bn (€13bn) to £80.1bn in assets under management. He was appointed president of the European Fund and Asset Management Association last year. BNP Paribas Asset Management – Mark Lewis has been appointed to the newly created role of head of climate change investment research. He will join the French asset manager on 7 January as a member of its sustainability research and policy team, and will report to Jane Ambachtsheer, BNP Paribas AM’s global head of sustainability.The company said Lewis would provide “an authoritative view on developments within climate change and energy transition, and their implications for current and future investment decision making”.Lewis has more than 20 years’ experience as a financial analyst covering energy and environmental markets. He joins the French asset manager after less than a year at think tank Carbon Tracker – he was appointed in April. Before that he was managing director and head of European utilities research at Barclays. Lewis was also a member of the Financial Stability Board’s Task Force on Climate-related Financial Disclosures for two years. BNP Paribas Securities Services – Meanwhile, BNP Paribas’s global custody business has hired Thorsten Gommel as head of Germany and Austria, joining in April 2019 from PwC, where he has been a partner since 2010 in charge of asset and wealth management in Germany.Patrick Colle, general manager of BNP Paribas Securities Services, said the company had “ambitious growth plans” in Germany and Austria.Royal London – Phil Loney, group CEO of the UK pensions and investments provider, is to step down from his role by the end of 2019, the company announced on 11 December. Royal London said Loney intended to “concentrate on his long-standing charitable interests in the international development sector and supporting people with learning difficulties”.Loney joined Royal London in 2011 and oversaw its growth from £46bn assets under management to £117bn at the end of June 2018.Rupert Pennant-Rea, chairman of Royal London, is also exiting the company. He plans to end his five-year spell as chairman at the end of this year, with Kevin Parry set to succeed him from 1 January.Parry is currently chairman of Intermediate Capital Group and holds independent or non-executive director positions on the boards of Standard Life Aberdeen, Nationwide Building Society, and Daily Mail & General Trust. He will stand down from Standard Life Aberdeen’s board on 31 December 2018, Royal London said.T Rowe Price – The $991bn (€876bn) US asset manager has named Jan Müller as head of institutional sales for Germany and Austria, a newly created position. He joins from Franklin Templeton where he was an institutional sales director for more than 10 years. He has also worked as a consultant for Mercer.FERI – Marcel Renné will succeed Arnd Thorn as CEO of the German alternatives specialist following the latter’s decision to step down from the board at the end of his contract in July. Renné has been a member of the executive board since January 2017 and will be given a five-year contract as CEO. Intermediate Capital Group (ICG) – Eimear Palmer has been hired as responsible investing officer for the FTSE 100-listed unlisted assets specialist. In this newly-created role, Palmer is responsible for integrating environmental, social and corporate governance (ESG) factors across all ICG’s fund strategies. She joined ICG in last month from The Carlyle Group, where she spent seven years in a similar role in Europe, implementing an ESG framework for Carlyle’s European business. Prior to that, she spent seven years at KPMG where she was a manager in its private equity division.Schroders – Head of UK and European equities Rory Bateman has been appointed head of the FTSE-listed asset manager’s entire equities department. Effective from March 2019, Bateman will oversee assets worth £173bn run by teams based around the world. He joined Schroders in 2008 from Goldman Sachs Asset Management, where he spent more than 10 years.Nicky Richards, current head of equities, is to become a senior adviser for Schroders from March 2019, and the asset manager said it intended to promote from within the fill Bateman’s UK and European role. SYZ Asset Management, EFAMA, BNP Paribas, Royal London, T Rowe Price, FERI, ICG, Schroders
Last week, one of the European Commission’s vice presidents Valdis Dombrovskis, was quoted in the Financial Times (FT) as saying a “green supporting factor” for bank lending was “something we need to explore”.In its action plan set out in March 2018, the Commission’s high-level expert group on sustainable finance included the introduction of a green supporting factor in the EU prudential rules for banks and insurance companies.Officials at the European Central Bank, according to the FT, have since warned against tampering with rules designed to make bank lending less risky.Rohde appeared to back the idea of altering capital requirements on other assets linked to the climate problem, however.“Maybe we should consider that some of the so-called black or stranded assets should have much higher risk weights than today because their value in the future is put into question,” he said, adding that this was what he thought regulators should concentrate on.“But to be very supportive about green investments I think is a little bit dangerous.“I think it’s a third best – or fourth best – solution, and I would prefer much more plain instruments like carbon taxes or pure public sector regulation,” Rohde said. The European Union plan to cut banks’ capital charges for climate-friendly lending was dealt a blow from one of the bloc’s central banks yesterday, when its governor branded the idea “dangerous”.Lars Rohde, governor of the Danmarks Nationalbank told the IPE Conference in Copenhagen his bank’s message was that central banks should stress all the possibilities but also the challenges society was confronted with in the transition to a green economy.“But what is it to support this?” he asked, responding to an audience question on whether central banks could or should support green growth.“If support means that you should for example have lower risk weights for green investments I think that is quite a dangerous route to follow because risks are risks basically,” Rohde said.
Minyama on the Sunshine Coast had the best property price growth in Queensland in the past year, This house at 11 Vauxhall St Minyama is scheduled for auction on June 30. Picture: Realestate.com.auQUEENSLAND’S regional property market is emerging from the battering it took during the resources slowdown with coastal towns leading the charge.Minyama on the Sunshine Coast proved to be the best performing housing market in the entire state in the past 12 months with new figures revealing median house price growth of 43.9 per cent to $1,275,000.Many suburbs within the Sunshine Coast performed well in the past year as did the Gold Coast.The latest Real Estate Institute of Queensland market monitor revealed that Queensland’s regional suburbs and towns were experiencing strong population growth which had lead to growth in the local property markets.It comes as the REIQ is once again calling on the State Government in its Budget next week to consider making the First Home Buyers grant eligible for those wanting to buy existing properties in regional towns to further help lift those markets.Boonah in the Scenic Rim has experienced solid price growth in the past three months. This home at28 Church St, is listed for $369,000. Picture: realestate.com.auAustralian Bureau of Statistics figures reveal the Gold Coast, Sunshine Coast and Moreton Bay were the top preferred locations for internal migration.REIQ CEO Antonia Mercorella said many regional towns had affordable existing properties and it didn’t help those local property markets to only reward first time buyers who built something new in the area.The strongest performer outside of greater Brisbane, the Gold Coast and the Sunshine Coast in the past quarter was Warwick.Video Player is loading.Play VideoPlayNext playlist itemMuteCurrent Time 0:00/Duration 7:28Loaded: 0%Stream Type LIVESeek to live, currently playing liveLIVERemaining Time -7:28 Playback Rate1xChaptersChaptersDescriptionsdescriptions off, selectedCaptionscaptions settings, opens captions settings dialogcaptions off, selectedQuality Levels720p720pHD432p432p270p270p180p180pAutoA, 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 Rate1xFullscreenElizabeth Tilley talks prestige property07:29The Southern Downs township recorded median house price growth of 21.7 per cent in just three months to bring the current media to $280,000Frenchville in Rockhampton was also a solid performer with 15.9 per cent growth in three months to $342,000.In the past 12 months Boonah in the Scenic Rim was the most solid performer with 20.8 per cent median house price growth to $314,000. It was followed by Clifton Beach in Cairns where the median house price rose 19.30 per cent to $557,500.TOP REGIONAL PERFORMERS MARCH QUARTERWARWICK — $280,000 — 21.70%FRENCHVILLE — $342,000 — 15.90%EMERALD — $260,000 — 15.60%BUSHLAND BEACH — $384,500 — 11.80%TAMBORINE MOUNTAIN — $529,500 — 10.90%NORMAN GARDENS — $418,500 — 8.70%More from newsParks and wildlife the new lust-haves post coronavirus18 hours agoNoosa’s best beachfront penthouse is about to hit the market18 hours agoBENTLEY PARK — $375,000 — 8.40%GYMPIE $275,000 — 7.80%NEWTOWN — $310,000 — 6.90%KAWUNGAN — $363,000 — 6.80%TOP REGIONAL PERFORMERS 12 MONTHSBOONAH — $314,000 — 20.80%CLIFTON BEACH — $557,500 — 19.30%RASMUSSEN — $350,675 — 15.00%MOOROOBOOL — $408,170 — 14.60%IDALIA — $482,500 — 14.30%BURRUM HEADS — $409,000 — 13.60%MORANBAH — $181,000 — 13.10%MANOORA — $350,000 — 12.90%HARLAXTON — $293,000 — 12.70%BLACKWATER — $90,000 — 12.50%Source: REIQ Market Monitor