PHOTOS: Joe Hockey sold his Canberra home for $1.5 million

Photo: LJ Hooker Canberra City.

Former treasurer Joe Hockey has sold his Canberra home for $1.515 million — making a profit of more than $1 million.

The heritage-listed home went to auction Saturday, drawing a large crowd of around 70 people, but with only two bidders vying for the property.

Although it did not sell under the hammer, a final price was negotiated with a couple soon after.

The three-bedroom and two-bathroom property spans 1317 square metres and is located in the wealthy suburb of Forrest in Canberra where the median house price sits at $2.15 million.

The residence was originally bought by Hockey’s wife Melissa Babbage for $320,000 in 1997, but has seen a huge jump in price with the opening bid set at $1 million.

The property was listed with LJ Hooker in March after the former treasurer lost his post as following the cabinet reshuffle under Malcolm Turnbull’s administration.

Since quitting parliament, Hockey has taken up a new role as Australia’s ambassador to the US.

Here’s a look inside the property below.

Around 70 people turned up to the upmarket suburb of Forrest yesterday to attend the auction of Joe Hockey's former home.

Photo: LJ Hooker Canberra City.

The opening bid for the heritage property was $1 million

Photo: LJ Hooker Canberra City.

The property passed in after the auctioneer placed a vendor bid of $1.5 million, according to Domain.

Photo: LJ Hooker Canberra City.

After failing to go under the hammer, the home eventually sold for $1.515 following negotiations.

Photo: LJ Hooker Canberra City.

The three-bedroom property comes with two bathrooms and a parking space spanning around 1,300 square metres.

Photo: LJ Hooker Canberra City.

The property has proven to be a good investment since it was bought by Hockey's wife, Babbage, in 1997 for $320,000.

Photo: LJ Hooker Canberra City.

Many Liberal MPs have also stayed in the property during parliamentary sitting weeks including Brendan Nelson.

Photo: LJ Hooker Canberra City.

The property made headlines last year after it was revealed that Hockey could claim up to $271 per night to cover the costs of his stay in Canberra under travel allowance rules.

Photo: LJ Hooker Canberra City.

'We really love the old Canberra heritage homes and that was what really attracted us in the first place,' the new owners Darren Robertson and Bethany Williams told Domain. 'We love the leafy suburbs and the government history behind it as well. And we look forward to making it even better than it is now.'

Photo: LJ Hooker Canberra City.

Hockey has now taken up his new post as US ambassador after quitting parliament and has relocated to Washington D.C.

Photo: LJ Hooker Canberra City.

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