Mangakino

[Dough Boy]

Like to know if anyone else on forum has invested in Mangakino and their thoughts or ideas on this area.

Bought a double section on lake road last year for $34K current QV is $40K.

Reasons:

Very small investment to be made that does not provide cashflow.
Can hold for long-term (10yr + if needed).
Can subdivide for two sections.
Can't make serviced sections for less than this.
Town has own lake, mountain background, golf course, bowl green, pool and small shopping area.
Town well planned and compact, not a strip development along a main road.
Roads are generous width as are footpaths and grass verge.
On a loop road off main road so no thru traffic.
Short drive from Auckland.
Will be affordable for average joe, even if prices double.
Change of ownership situation occuring currently, from leasehold to freehold property.

Can't beleive some of the recent prices wanted for properties in this area though (like 300K+)

[cdt18]

Just a question Dough Boy, and I know this area well, what the heck are people going to do workwise in Mangakino ? That is the difference between Mangakino & Auckland, there is actually economic fundamentals to Auckland.

Dough Boy is there a shop there yet and how many white faces.

[Dough Boy]

quote:Originally posted by ENIGMA

Dough Boy is there a shop there yet and how many white faces.

Shops as in plural, also running water!

As for second comment, doesn't matter what colour, but class of people is improving as properties move from being leasehold ownership to freehold ownership.

Dough Boy you say double size section do you mean 8 acres as they were selling 4 acres sections at Karipiro for $99000 a much better locality. So $32000 for 8 acres at Mangakino sounds about right provided it has allready been freeholded.

[foodee]

DB
Had a look last year. The 'lake' did not appeal so that was it.
Generally impression is a town of 2haves.
May have potential but not in my timeline.

cheers

[Dough Boy]

quote:Originally posted by foodee

DB
Had a look last year. The 'lake' did not appeal so that was it.
Generally impression is a town of 2haves.
May have potential but not in my timeline.

cheers

Well has just happened in 'my life time' with last GV at $50,000 and sections now going for $120,000 with an original purchase price of $34,000 18 months ago. That is a 252% gain!

[Sideshow Bob]

So are you selling and realising the gain DB?

Less lawyers fess/ real estate agent fees - but still great work! [8D]

[rmbbrave]

My brother bought a house there. He was transfered to Taupo but couldn't afford a house in Taupo so he bought one in Mangakino and commutes. He rents out his Morrinsville house.

[rmbbrave]

http://www.historic.org.nz/magazinef...2_summer_b.htm