This image shows the wreckage of the car, which local authorities claim is a write-off.
Onlookers said the driver lost control of the high-horsepower supercar before hitting a parked Toyota Camry and then skidded onto a nearby residence.
Unfortunately, two female bystanders were hit by the car and remain in hospital in a stable condition.
Police are still investigating the matter and are yet to announce whether the young driver was in fact the owner of the car and if it was insured.
Head over to the Sydney Morning Herald for more images of the sad-looking Ferrari.