Sydney family buys $14m waterfront home to knock it down

The property in Cabarita sold for $14m, but the buyers aren’t interested in the current house.

A Sydney property has for $14m for its land value alone, with the new owners planning to knock down the existing house in pursuit of their dream home.

The four-bedroom, four-bathroom property on Phillips St, Cabarita was purchased in a private sale for a fee over $10.3m above the suburb’s median house price.

The block is a rare waterfront lot in the area.

According to Horwood Nolan founder and director Ben Horwood, the home was purchased by a local family who wanted nothing but the best block in the area.

“It’s a local family that are looking to build their absolute dream home,” he said.

“They’re really welded to this area and don’t want to move.

“They were born and bred in the area, their kids go to the school here and they wanted to buy the best property they could locally and this was the one.

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The home was built around 30 years ago by the previous owner.

The property had previously been owned for 65 years by a woman now in her 90s who is looking to downsize.

Mr Norwood said the existing house was built around 30 years ago.

He said it was “a nice home” that the new owners will be looking to rent out while plans are being completed for their dream abode.

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The new owners will rent out the home while plans are made for their new residence.

Mr Norwood said the block commanded a high price due to its rarity in the area.

“It’s a rare block in the sense that it’s flat waterfront land that faces north,” he said.

It is not the first home to crack the $14m mark in the area, with (another home on) Phillips St selling for $14.62m in December 2022.

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