It is understood that the owners abandoned the sale after losing their campaign last year and were content to rent out the property on Herring Rd.

The owners were then approached by Belle Property Epping, the company behind last year's auction campaign, and decided to re-list the property.

Selling agent Daniel Lee said they encouraged the owners to make minor upgrades to the property, including cleaning up the garden and installing new flooring.

"They were absolutely thrilled when the bidding reached the reserve price of $1.3 million," said Lee." They couldn't believe it because they had been hesitant to enter the market."

Mr Lee said market conditions had changed considerably since the last auction, held in December.

"In December, the market was dead," he said." Inventory has completely dried up this year and more people are looking to buy, even though rates have gone up."

There has been a spate of overpriced sales throughout the Ryde area.

"They were absolutely thrilled," says Lee, "when the bidding reached the $1.3 million reserve." They couldn't believe it because they had been hesitant to enter the market."

Mr Lee said market conditions had changed considerably since the last auction held in December.

"In December, the market was dead," he said." Inventory has completely dried up this year and more people are looking to buy, even though rates have gone up."

There has been a spate of overpriced sales throughout the Ryde area.

The West Ryde property on Deakin Street, which was auctioned on the same day as the Marsfield property, attracted 27 registered bidders and sold for A$1.7 million.

Auctions in the area attracted an average of two to four bidders last year. Some auctions did not attract bidders at all.

The $1.7 million price was $200,000 above the reserve price and about $400,000 above what vendors paid in 2016.

Selling agent Phil Allison, who heads Belle Property Ryde, said the price was high considering the "complexities" of the neighbourhood.

This included a garage shared with the front property and other unusual features.