Wake took a flick knife he had purchased online three weeks earlier to the house after telling Ms Wake he wanted to bring a present to their teenage son.
When he reached the front door, she told Wake their son didn’t want to see him.
Their teenage daughter was also there at the time.
Wake, who quit his job as a nurse a few days before the murder, stepped inside but Ms Wake told him not to come any further or she would call the police.
He pulled the knife from his pocket and stabbed her 17 times, including to the neck.
She was rushed to hospital but died shortly afterwards.
Mr Coates said Ms Wake had become scared of Wake after the pair divorced in 2012.
He said Wake had been aggressive and emotionally manipulative towards the couple’s son.
Ms Wake’s mother told the court her only daughter was smart, funny, loyal and a “ray of sunshine”.
“The love she had for her family was deep. No one had the right to take her life away from her,” she said.
“(Wake) has caused me pain I will never recover from.
“I talk to her every day. I miss her every day. I cry every day. When the telephone rings, I pray to hear ‘hi it’s me’.”
She said her daughter had been happy with a new partner and a new life.
“I have never known hatred for another… but I do now,” she said.
Ms Wake’s daughter Romany said she has since struggled with anxiety, post-traumatic stress disorder, self-harm and survivor’s guilt.
“(Mum) was my rock. There was always beauty in life when my mum was present,” she said.
Wake spoke to triple-zero operators directly after the stabbing, saying “it’s me, I’m the guy that just did it”.
“I have stabbed my wife multiple times,” he said in a recording of the call played to the court.
Coates described Wake’s admissions to police after the murder, saying he also gave a lengthy account of frustrations and difficulties co-parenting.
“It was 20 years of frustration and he acted stupidly,” Coates said.
“In the past (he) thought about killing Rachel, but said anyone in a bad relationship would have thoughts about bumping off their spouse.”
Wake, who initially pleaded not guilty, is expected to next appear in court on March 5 and will be sentenced at a later date.
His lawyer Fabiano Cangelosi said a significant matter, which wasn’t disclosed publicly to the court, needed to be investigated.
Readers seeking support can contact Lifeline on 13 11 14 or beyond blue on 1300 22 4636.
National Domestic Violence Service: 1800 RESPECT (1800 737 732). If you are in immediate danger call triple zero (000).