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.

A crowd of close to 60 people gathered at 25 Furneaux Street to watch the auction but only two of the three registered parties vied for the much-talked about home.

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.

Mr Hockey and his wife, Melissa Babbage, bought the house back in 1997 for just $320,000, according to Allhomes data.

The couple put the 1930s house on the market in March after the former federal treasurer took up the plumb job of Australian ambassador to the United States.

The value of the Forrest home’s blue chip location has skyrocketed since the late 1990s, represented by an opening bid of $1 million.

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

The home eventually sold for $1,515,000 under negotiation to the relief of the former federal treasurer, Ms Babbage and LJ Hooker Canberra City sales manager Kaylene King.

“Joe and Melissa are really happy and, certainly as any owner is, relieved to get a sale under auction conditions,” Ms King said.

“We did pass the property in but came to a negotiated price fairly quickly afterwards.”

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.

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

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