Bidding was fast and furious for the former Garrett home at Randwick. Source: Supplied

Over in less than five minutes, the auction saw fast passed and ruthless bidding, with the first bidder putting the house straight on the market with a bid of $1.2 million within moments of auctioneer Damien Cooley finishing his usual spiel.

That first bid drew gasps from the 40-strong crowd but it didn’t stop there with bids being fired from all directions without any pausing in between.

It came down to two buyer’s agents in the end with one of them successfully securing the property and excitedly embracing their client once the gavel fell.

Auctioneer Damien Cooley calls for bids on the property. Source: News Corp Australia

Belle Property Randwick selling agent Shane Vincent said Garrett and his wife Doris, while nowhere in sight, were very happy with the result.

“He’s very happy; it was well above the reserve. They’ve bought another property and they’ll be moving to there in just over a month’s time so having the peace of mind knowing they’ve already sold here — they’re very happy,” Mr Vincent said.

The three-bedroom, two-storey terrace at Gordon St had initial price expectations of more than $1.05 million.

Bought by Garrett in 2010 during his time serving in Parliament, the property was still the Sydney base home to the former Minister for Environment Protection, Heritage and the Arts, his wife and their three daughters until recently.

The crowd watches on as the heated bidding takes off. Source: News Corp Australia

The buyer’s agent and her client embracing after placing the winning bid on the home. Source: News Corp Australia

According to CoreLogic RP Data the family paid $932,500 for the two-storey, Victorian terrace. They also own a property in Mittagong and divide their time between the two properties.

The ground level of the Randwick home has timber polished floorboards in the lounge room while the open-plan kitchen and dining area is tiled.

The home belonged to Midnight Oil’s Peter Garrett. Source: News Limited

The dining area opens onto a rear courtyard perfect for outdoor entertaining.

On the upper level are two carpeted double bedrooms. The main bedroom features a private balcony and the third bedroom could ideally be used as a home office or study.

The main bathroom is modern and features a floating vanity and a combined shower and bathroom with glass screen.

The kitchen and dining room of the house opens onto a rear courtyard. Source: Supplied

One of the bedrooms has a private balcony. Source: Supplied

It sold for $1.321 million under the hammer. Source: Supplied

The property is located within a short drive to UNSW, Queens and Centennial Parks and Prince of Wales Hospital.

Garrett was the lead singer of Australian band Midnight Oil, an activist and environmentalist.

He served as the Minister for Environmental Protection, Heritage and the Arts in 2010 under the Rudd government and as the Minister for School Education, Early Childhood and Youth under the Gillard government before leaving politics.

He is currently still an environmentalist and activist while his wife is a psychotherapist.