An Inner West art deco duplex has sold for a staggering $1.305m, $305,000 over its reserve of $1m.

The crowd went silent and “jaws dropped,” as a bullish opening bid of $1.2m knocked out most of the competition, after the home had a guide of $950,000.

Out of 10 registered bidders, only three were left actively bidding in $10,000, $5,000 and even $1,000 bids.

Located at 2/33 Woodcourt St, the auction was over within a couple of minutes selling to a first homebuyer couple.

Most of the registered buyers were local couples, young families, singles and one downsizer.

A disappointed underbidder said “well that was a waste of my time,” after the auction wrapped up.

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A Marrickville upper-level duplex sells $300,000 above reserve. Photo: Francis Sicat

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A rare find in Marrickville, located at the end of a leafy cul-de-sac, the home was an upper-level duplex, one of only two properties on the title. The green backyard and clothes line was shared with the neighbouring residents downstairs.

The vendor, Shane Wong, was shocked by the price the property sold for.

“I was blown away … but we were managing expectations, I had budgeted around $950,000, but we spoke about places that sold in the area for $1.1m-$1.2m and they were a bit out of the norm with parking and a garage,” he said.

“I thought $1.05m would be really good, so to go for what it has, is amazing.”

Mr Wong said he and his partner had bought the property in 2014 for $593,000, giving the family a $713,000 windfall over the 10 years.

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The crowd was silent as a buyer opened with a bid of $1.2m after the property had a guide of $950,000. Photo: Francis Sicat

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The couple had purchased it as an investment property originally, then lived in the home after their first child was born.

Now with two children, aged nine and five, the family have decided to have a tree change.

“We moved to the Southern Highlands and survived the winter and we thought yes this is us. With the two kids we have more space for them, so we’ve now bought down there,” he said.

“This was just perfect when we lived here … all the neighbours are nice, its walking distance to the shops, the new library is beautiful, it’s not like a kit apartment, this is the perfect blend of if you can’t get the house but want more than an apartment.”

The home was two-bedroom with one-bathroom, plantation shutters, satin finish floorboards and an original fireplace.

Inside the living room of the home.

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Lead agent Adrian Tsavalas, principal of Adrian William, said he was only expecting four or five bidders and had been surprised by a last minute surge in interest.

“Two, three or four weeks ago, buyers felt spoilt for choice, now they’re realising that influx of stock has dissipated because most of the homes have sold and so they’re revisiting homes they may have initially dismissed,” Mr Tsavalas said.

Ms Tsavalas said there had been a lot more first-home buyers in the market, as many investors were selling and reinvesting their money elsewhere.

Auctioneer Brad Heffernan. Photo: Francis Sicat

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“I’ve got a feeling those who are selling this weekend, next weekend and the weekend after will do quite well because buyers have less choice again.”

Marrickville’s house price median is currently $2.03m and apartment media is $889,000, according to PropTrack data.