A waterfront home in Cabarita that went on sale for the first time in nearly six decades brought $4.72 million at auction Saturday, and the new owner plans to tear it down and rebuild it.

A waterfront home in Cabarita that went on sale for the first time in nearly six decades brought $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 its original condition on 12 Dorking Road, flanked by modern luxury homes, pushing the price $470,000 above reserve. The same three buyers had competed for the block next door six years ago.

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

Successful buyer Bruce Turner, director of shading company Wynstan, spent about $500,000 more on Saturday than he had hoped to secure the 399-square-foot block.

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

Turner began bidding on the three-bedroom house with a bid of $3 million, well below the $3.8 million price guide.

The bidding then rose to $3.25 million, then climbed to $100,000 in increases to $3.9 million, before slowing down to smaller increments as he and another local buyer compete to push the price past the reserve of $3.9 million. $4.25 million to push.

Auction Analysis Australia Sydney Real Estate Domain
Bruce Turner, right, and wife Bi are congratulated after the auction. (RHETT WYMAN)

Worth $4.35 million, the neighbor entered the contest but ended up losing the keys to Turner. It was a role reversal for the pair, with Turner losing at 10 Dorking Road in 2016, which records show sold for $2.5 million.

Sales agent Ben Horwood, of Horwood Nolan, said the result was far beyond expectations.

“It’s definitely more than we thought, but I’m not surprised it’s such a good lot of real estate,” Horwood said.

“It’s not often at the moment that you see such an eruption result that it is well above reserve and there is a lot of active bidding.

“That said, the rest of the market is still in good shape, but [most auctions are] just don’t run as fast as this one.”

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

It was a bittersweet moment for the sellers, the Sanders family. The four siblings grew up in the house in a block that their late father, a local boat builder, bought in the 1960s. Records show it last traded at £6500.

†[Cabarita has] changed a lot,” said John Sanders. “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 houses to be auctioned in Sydney on Saturday.

In Guildford, eight buyers registered to bid on a home destroyed in a fire in 2016. The property was reportedly abandoned at the time.

7 Bright Street, Guildford, NSW. (Domain)

The auction for the 670 square meter block at 7 Bright Street started with a bid of $750,000, and climbed in $50,000 and $25,000 raises to begin with, quickly past the $900,000 reserve.

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

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

In West Pennant Hills, seven of the 11 registered bidders competed for a five-bedroom house on 20 Bishop’s Avenue

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

Bidding started at $2.1 million and increased in $50,000 increments to $2.25 million, after which one side attempted to knock out the competition with a $150,000 bid increase. The bidding continued and eventually fell to $10,000 raises before the hammer fell.

The house was sold for $2.56 million through Giuseppe Murace of Ray White West Pennant Hills. The result was less than the initial $2.6 million written reserve, but the sellers, which downsized to Wahroonga, revised their expectations for the day.

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

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

1/77A Muston Street, Mosman, NSW. (Domain)

The $4.7 million reserve was bid and three of the seven registered bidders competed for the 317-square-foot block. 1/77A Muston Street

The deceased estate sold through Claudia Portale of McGrath Lower North Shore. It last traded for $1,055,000 in 1996.

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

703/42 Rider Boulevard, Rhodes, NSW. (Domain)

The two-storey apartment on 703/42 Equestrian Boulevard covered 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 grew larger than the neighboring block of flats. It last traded for $1.1 million in 2005.

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