Two young men had filmed the car driving along the grassed area beside Soldiers Point Marina late on Saturday night.

The mother of one of the young men told Australian Community Media her son tried to stop the car when he feared it was going to collide with the park bench where he was seated.

"The boys tried to wave the car down but the driver seemed not to notice them," the mother said.

"They thought the car had become trapped on the foreshore but after seeing it leave the grassed area they assumed it was okay."

The footage, recorded on a mobile phone, shows the vehicle driving past the young men before reaching a dead-end in the grassed area, turning around, and driving slowly along a footpath only metres from the water's edge.

Confusion can be heard from the young men as the vehicle veers onto the grass again and manages to bypass a gate near The Point restaurant in order to get back onto the road.

Police are studying the footage and have spoken to the young men, who did not see the car enter the water.

Marine Area Command divers, aided by the SES, recovered the white hatchback from water off the boat ramp at around 12.30pm on Sunday after police were notified of the submerged vehicle at 4.30am.

Initial free-dives conducted by police indicated there to be one body in the car. Upon recovery, police found the bodies of a 76-year-old female and 79-year-old male believed to be from Sydney.

"We have information the car was sighted still driving around 1am," Inspector Rob Post said.

"Investigations are underway into reasons why the vehicle became submerged some time between then and 4.30am.

"We are exploring a range of possibilities including some kind of medical episode but at this stage nothing is clear."

Police said they will prepare reports for the coroner.

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