An “edgy” and colourful lakefront property in what is fast becoming the North Island’s wakeboarding mecca is looking to shatter the Waikato town’s current sale record when it sells.
The five-bedroom, three-bathroom home overlooking Lake Maraetai in Mangakino, Taupo, has a price indication of $2.4 million, which is more than double the town’s current $1m record set back in 2022.
Bayleys listing agent Sophie Sandham said 36 Korari Crescent was not only on the town’s best street due to its lakefront location, but was in her view also one of the best houses.
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The current owners paid $400,000 in 2016 for the 686sqm section which had an older home on it and replaced it with a modern home overlooking the lake.
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Sandham, who is marketing the property with Flash Sandham, said significant investment was being made in streets near the lake such as Korari Crescent and pointed to all the massive boatsheds being built to house expensive wake boats, along with the older homes being bowled and replaced with modern ones.
However, few of these newer lake houses have come on the market for sale, which was one of the reasons she expected the Korari Crescent property to smash the current sale record. The highest sale price in the town to date is held by a much smaller three-bedroom, two-bathroom home on Rewa Street that sold for $1m in April 2022.
The five-bedroom, three-bathroom home is one of the largest in the sought-after lakefront. Photo / Supplied
The home as an "edgy" feel and looks directly over the lake. Photo / Supplied
“It’s [Korari Crescent] a really striking house in that area – it stands out.”
Sandham believed the lakefront location and substantial modern home made it worthy of its $2.4m price indication.
A neighbouring section with a utility shed sold for $865,000 in an off-market sale last year and a big house is now being built on the site.
“Even that price for a section in Mangakino is a huge boost for the area,” she said.
“It’s certainly going to be interesting to see what can be achieved on this. It’s definitely in my view a great house. It’s got lots of opportunities to make money from it too as accommodation, but also if you are into the wakeboarding side of things it’s worth it.”
Sandham said the current owners had stamped their personalities on the six-year-old home, creating an “edgy” vibe.
“They’ve really sourced things that make it pop and make it a little bit different.”
The owners have added their personality to the house with splashes of colour. Photo / Supplied
The covered outdoor dining area is well-equipped with a built-in BBQ and beer fridge. Photo / Supplied
Splashes of colour are visible throughout the house with the red outdoor kitchen and dining area, a graffiti-style feature wall in the lounge with the words ‘Music is Life’ and the two-toned yellow and grey bunk room.
The wallpaper in one of the bathrooms looks like concrete tiles and was sourced from Europe, while the other bathroom has a cute white wallpaper with gold pineapples.
There was also the option to split the substantial 225sqm property so it could be used as a home and income. The owners would often live upstairs in the two-bedroom one-bathroom home, while renting the downstairs area of three bedrooms and two bathrooms as an Airbnb.
The couple were drawn to the property due to its prime waterfront position and views of the lake, Sandham said. They had formed strong ties to the Mangakino community while living in the town, but had decided to sell and travel overseas.
Mangakino has changed dramatically over the last decade when the former Ministry of Works town was touted as one of the cheapest places to buy a holiday home in the country.
Over the last few years wakeboarding competitions and various other events have firmly placed the town on the map and its surge in popularity, especially with the watersports community, has pushed house prices up significantly. About 10 years ago the best homes near Lake Maraetai could be snapped up for under $500,000. The value of these premium properties is now at least double.
A two-bedroom, one-bathroom property on Rimu Street, in Mangakino, also has exceptional lake views and has a price indication of $650,000. Photo / Supplied
ReMax salesperson Kath Shaw said very few new lakefront homes had been listed for sale, but when they did, she expected those with exceptional lake views to fetch around $1.5m to $2m.
“$1m is still the highest sale at this point. I know there’s going to be more sales over $1m because I’ve got some listings coming up.”
Shaw said those buyers spending over $1m wanted it to feel new and not need any work.
However, she added that there were still some older properties that had beautiful lake views that could still be picked up for well under $1m. “Even though they may not be that water’s edge new build, it’s still the vibes.”
An older two-bedroom, one-bathroom property at 43 Rimu Street with exceptional views across the golf course to the lake has a price indication of $650,000, while a renovated two-bedroom, one-bathroom home with a large boatshed at 18 Korari Terrace close to the boat ramp is inviting offers over $599,000.
Shaw has just sold an empty section on Moana Crescent with elevated 360-degree views of the lake for $385,000. The neighbouring 1054sqm section with an older two-bedroom home at number 26 has exceptional views and has also just been listed for sale.
The vendor of 26 Moana Crescent was extremely motivated to sell in the current market and was inviting offers over $400,000, she said. The property has a CV of $525,000.
Shaw said there was not much sales activity happening in the town at the moment and most of the properties that were selling were well below CV. “That’s the reality of the Mangakino market.”
- 36 Korari Crescent, in Mangakino, Taupō, has a set sale date of April 11
