PHOTO: A crowd of about 70 people packed out the streets for the auction. Source: Supplied

A vendor who made a snap decision to change his reserve price minutes before auction was still rewarded when the property sold for more than 100 times what he paid for it.

A four-bedroom Redfern terrace without parking has sold under the hammer for $2.15 million after the vendor decided to adjust his reserve price just minutes before bidding was scheduled to kick off.

Vendor Adrian Mole had initially set a reserve of $2.2 million but when a property four houses down passed in with a bid of $2.55 million at an earlier auction on the same day he decided to adjust the reserve to $2.15 million to “meet the market”.

Mr Mole told the Sunday Telegraph he was still “very happy” with the result considering the current state of the market.