Financed by syndicate of Sydney businessmen, Maroubra Speedway opened 5th December 1925 with estimated crowd of 67,000. Series of fatal accidents and onset of Depression led to diminishing crowds and eventual closure in 1934.

Australia's first major motor racing venture commenced in 1923 when a Sydney business syndicate leased 33 hectares of crown land to build a track and facilities.

Within 18 months of opening the track had earned itself the title "killer track" with five fatalities.

Many of the drivers became household names. These included Phil Garlick, Hope Bartlett, Charles East, Fred Barlow and Alan Cooper. Garlick became the number one driver and the best known man in motor racing but the track was eventually to kill him when his Alvis went over the track's rim, flew over and smashed head on into a light pole. He was dead when a shocked rescue team reached him.

Both the impact of the deaths and competition from the speedway at the Sydney Showground contributed to reducing attendances to unprofitable numbers.

Car racing ceased in 1928 although motor cycle racing continued spasmodically until the Depression of the 1930s led to the closure of the track, originally named "Olympic Speedway", in 1934.

The land was resumed by the N.S.W. Housing Commission in 1947 and is now an established residential area.