Renowned fashion designer Collette Dinnigan has placed her luxurious Paddington home on the market after splashing out on a stylish waterfront home in one of Sydney's most exclusive suburbs. The four-bedroom 19th century sandstone property cost Dinnigan $4.45 million back in 2009, and is set to go under the hammer on May 23. After purchasing a lavish $6.5 million Watsons Bay property just last month with husband Bradley Cocks, Dinnigan is hoping for a cool $6 million when the lavishly renovated Paddington house sells. Scroll down for video . Fashion queen Collette Dinnigan has put her four-bedroom 19th century sandstone property on the market . The two-storey terrace home was built in 1880, and is set on 379 square metres of prime Paddington real estate. 'It's one of the oldest houses in Paddington, and the renovations are just stunning,' said selling agent Ben Collier for MsGrath Estate Agents, who is selling the property along with Will Manning at Ballard property. The international designer and her husband carefully renovated the property to be 'very sympathetic and in keeping with the period style, while still keeping it contemporary', said Mr Collier. Mr Collier said that the owners loved the combination of the house's proximity to restaurants and cafes, along with the unusually large terrace which makes the property an actual house. 'Most terraces in the area are around six metres, but the property's terrace is about twice that,' he said. Set back from the street in the exclusive suburb, the couple share their meticulously crafted home with children 10-year-old Estella and three-year-old Hunter. The two-storey terrace home was built in 1880, and is set on 379 square metres . The international designer and her husband carefully renovated the property to be 'very sympathetic and in keeping with the period style, while still keeping it contemporary', said selling agent Mr Collier . Set back from the street in the exclusive suburb, the couple share their meticulously crafted home with children 10-year-old Estella and three-year-old Hunter . Dinnigan has been a successful designer since opening her first store  in 1992 and sells her brand in New York, London and Hong Kong . The inspired reinvention of contemporary and period style offers a selection of casual and formal living areas, which extend onto a central courtyard area with stone finish and a leafy courtyard area. The French provincial style kitchen boasts a marble island bar, which flows effortlessly onto the outdoor entertaining area. The recently configured lower level master suite features a stand alone marble bathtub. 'The fact that the master bedroom is on the ground floor is unusual, and means that the owners can live completely on one level, as the guest bedroom and bathroom is upstairs,' said Mr Collier. 'It's a wonderful property for those who want the Paddington lifestyle but don't want to incorporate multiple levels,' he said. The bedrooms are a generous size, and have built ins, surrounded by a neutral colour scheme. The exposed sandstone walls and recycled wooden floorboards add to the feeling of rustic luxury. The inspired reinvention of contemporary and period style offers a selection of casual and formal living areas . The French provincial style kitchen boasts a marble island bar . The open plan kitchen flows effortlessly onto the outdoor entertaining area . The prestige dual-level residence also boasts a deep front courtyard. The fashionista and her husband bought the property of James Packer's right hand man in Watson's Bay in March. Matthew Csidei - who works for James Packer - and wife Lauren Roscoe lived at the former Masonic Lodge before they moved to London with their two kids, according to the Property Observer. This comes as Dinnigan sold her multi-million dollar Palm Beach home last year and earlier closed all of her boutiques  so she could spend more time with her two young children. The bedrooms are a generous size, and have built ins, surrounded by a neutral colour scheme . The recently configured lower level master suite features a stand alone marble bathtub . The  four-bedroom property in Watsons Bay has luxurious features including 18th century French oak parquetry floors, a 20-metre lap pool and views Sydney Harbour. Real estate agents marketed the home as expertly rebuilt from a shell in 2008 'into a classical Beaux-Arts inspired contemporary home'. The Property Observer reported the house was listed for about $8 million. It was sold by Ballard Property and Sydney Sotheby's Realty on March 18. In September last year Dinnigan and her husband sold their Palm Beach home for $3.2million. The couple purchased the home in 2010 for $3million and went on to refurbish it during their four year stay. The three-bedroom property was bought by The Castle actress Sophie Lee and her husband, CEO of advertising agency Host, Anthony Freedman. Dinnigan also reportedly has a home in Paddington and a holiday house on the south coast.
Collette Dinnigan's Paddington $6 million home has hit the market .
She and her husband Bradley Cocks paid $4.45 million for it back in 2009 .
The luxury house will go under the hammer on May 23 .
The four-bedroom, two-storey sandstone property was built in 1880 .
The fashionista and her husband have carefully renovated the property .