A Cabarita home with a water view up for sale for the first time in nearly six decades fetched $4.72 million at auction Saturday, and the new owner plans to tear it down and rebuild it.

A Cabarita home with a water view up for sale for the first time in nearly six decades fetched $4.72 million at auction Saturday, and the new owner plans to tear it down and rebuild it.

Three bidders competed for the house in original condition at 12 Dorking Road, flanked by modern luxury homes, pushing the price $470,000 above the reserve. The same three buyers had competed for the neighboring block six years ago.

Auctioneer Ed Riley of Riley Auctions is preparing to sell Cabarita’s home for $4.72 million. (RHETT WYMAN)

Successful buyer Bruce Turner, managing director of awning company Wynstan, spent around $500,000 more than he had hoped to secure the 399 square meter block on Saturday.

“We want to redevelop it, move in and die here,” he said with a laugh after the auction. “This will be our forever home.”

Turner went out to tender for the three-bedroom home with an offer of $3 million, well below the $3.8 million price guide.

Bidding then jumped to $3.25m, then rose mostly by $100,000 to $3.9m before slowing to smaller increases as he and another local buyer clashed to push the price past the $4.25 million reserve.

Auction analysis Australia Sydney real estate domain
Bruce Turner, right, and his wife Bi, are congratulated after the auction. (RHETT WYMAN)

At the $4.35 million mark, the next door neighbor entered the contest, but ultimately lost the keys to Turner. It was a role reversal for the pair, with Turner losing 10 Dorking Road in 2016, which records said sold for $2.5million.

Sales agent Ben Horwood, of Horwood Nolan, said the result was well above expectations.

“It’s definitely more than we thought, but it doesn’t surprise me that this is such a good quality piece of real estate,” Horwood said.

“It’s not often right now that you see explosive results like this where it’s way over reserve and there’s a lot of active bidding.

“Saying that, the rest of the market is still in good shape but [most auctions are] just not run as hard as this one.”

The original condition house at 12 Dorking Road is surrounded by modern luxury homes. (RHETT WYMAN)

It was a bittersweet moment for the sellers, the Sanders family. The four siblings grew up in the house on a block that their late father, a local boat builder, bought in the 1960s. Records show it was last traded for £6,500.

“[Cabarita has] has changed tremendously,” John Sanders said. “We had a fantastic upbringing in the area, all the families knew each other… and [almost] our whole family lived on the same street.”

The property was one of 752 homes due to go up for auction in Sydney on Saturday.

In Guildford, eight buyers registered to bid on a house that was destroyed in a fire in 2016. The property was believed to have been abandoned at the time.

7 Bright Street, Guildford, New South Wales. (Domain)

The auction for the 670 square meter block at 7 bright street started with a bid of $750,000 and climbed in increments of $50,000 and $25,000 to start, quickly overtaking the reserve of $900,000.

The deceased estate sold for $1,241,000 to a young couple looking to build their dream home.

The house was sold by Michael Ristevski, of McGrath Bankstown. Records show it last traded at $365,000 in 2003.

In West Pennant Hills, seven of 11 registered bidders competed for a five-bedroom home in 20 Bishop Avenue.

20 Bishop Avenue, West Pennant Hills, NSW. (Domain)

The auction started at $2.1 million and increased in $50,000 increments to $2.25 million, after which one party attempted to eliminate the competition with a bid increase of 150 000 dollars. Bidding continued, eventually falling to $10,000 before the hammer fell.

The home sold for $2.56 million through Giuseppe Murace of Ray White West Pennant Hills. The result was below the initial written reserve of $2.6 million, but the sellers, who were downsizing at Wahroonga, adjusted their expectations that day.

The 752 square meter block sold to a multi-generational Arncliffe family. Records show it last traded at $587,500 in 2004.

In Mosman, a three-bedroom townhouse sold for $5.3 million to a local downsizer.

1/77A Muston Street, Mosman, New South Wales. (Domain)

Bidding opened on the reserve of $4.7 million and three of seven registered bidders competed for the 317 square meter block at 1/77A Muston Street.

The deceased’s estate was sold by Claudia Portale of McGrath Lower North Shore. It last traded at $1,055,000 in 1996.

In Rhodes, a four-bedroom penthouse sold for $2.4 million, or $400,000 above the reserve price.

703/42 Rider Boulevard, Rhodes, New South Wales. (Domain)

The two-level apartment at 703/42 Rider Blvd. spanned 307 square meters and also offered exclusive use of a 200 square meter roof.

It was sold through Norman So of Belle Property Strathfield to a local family who moved out of the building next door. It last traded at $1.1 million in 2005.

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