PHOTO: Water views from 662 Port Hacking Road, Dolans Bay which sold for $7.2 million on Saturday.

A stunning waterfront property almost an hour south of Sydney sold under the hammer on Saturday for an eye-watering $7.2 million, on one of the last auction weekends for the year.

The five-bedroom property at 662 Port Hacking Road, Dolans Bay, was snapped up by a local family – for almost 4.5 times more than what the vendors paid for it in 1995.

Back then, they bought the home for $1.65 million, records show.

662 Port Hacking Road, Dolans Bay NSW 2229
662 Port Hacking Road, Dolans Bay NSW 2229

McGrath Cronulla’s Murray Cole said there were four registered bidders, two of them active, who fought it out for the keys to the property, which includes its own jetty, pontoon, boat shed and a full-sized tennis court.

Mr Cole said the ecstatic vendors would now be looking to downsize because they no longer had children living at home.

“They’ll be looking to buy something single level in the future,” Mr Cole said.