With many homes under the hammer this weekend, Australian capital cities can expect record-breaking profits on their properties at auctions across the country. A Pain and Gain report released by CoreLogic for the December quarter has revealed that home resales recording a gross loss were at an all time low with more properties making a decent profit. When being compared to their prior purchase price, only 8.6 percent of homes had recorded a loss and a shocking 32.3 percent had shown properties selling for more than double their original price. This home at 14 Ridge Street in South Perth was bought for 925,000 and rebuilt by the owners after knocking down the original home . It will go for auction between $3 and $4 million, with the current expected price being left as a surprise . The home is three storeys with garage parking for three cars and was built in 2007 . It boasts 5 bedrooms, 4 bathrooms, library and fully fitted laundry, cellar, and home theatre . The total value of these profit making resales was over $17 billion, three and a half times more than the total of the loss-making resales at only $418 million. This made the average profit made on each of the successful properties was $251,696 with the average loss on the unsuccessful homes being $65,435. This is pretty good for those looking to sell up in capital cities, but not so good for those seeking to buy. The report showed that Sydney recorded the lowest loss-making resales at just 2.4 percent over the quarter which is down from 3.5 percent in a year. Perth and Melbourne also saw extremely low resale losses of 5.5 percent and 5.6 percent respectively. However this change in the market has not yet caught on in regional areas. An example of huge price increases – and profit margins for sellers – include a property at 6 Dudley St Bondi, purchased for $1.46 million in 2005 by and is expected to get over $3 million at auction this weekend. Another is a home at 14 Ridge Street in South Perth bought for 925,000 and rebuilt by the owners who are expecting to more than double the purchase price at auction on Saturday. This property at 6 Dudley St Bondi was purchased for $1.46 million in 2005 by the owners and is expected to get over $3 million at auction this weekend . The property boasts stunning beach views and is placed directly between Tamarama and Bondi Beach . It is less than a five minute walk to the beach and 4 large bedrooms with built-ins and a media/ TV room . Perth and Melbourne also saw extremely low resale losses of 5.5 percent and 5.6 percent respectively. However this change in the market has not yet caught on in regional areas. Diane Sheppard from LJ Hooker has told Daily Mail Australia that generally in brackets over $800,000 there is not a profit to be made. 'Western Australia market is quite different,' she said. 'It's all about positioning in central areas and buying at good value.' This warehouse at 1/16-18 Bennetts Lane Melbourne is up for auction this weekend with offers over $850,000 . It is positioned in one of Melbourne's best known laneways and has off street parking for two cars . Melbourne properties have seen extremely low resale losses of 5.6 percent . Melbourne homes are held for longer than any other capital city with an owning period of nearly 12 years. This report has come with the news that the typical home in Australia is now owned for over ten years before it is resold. Across the regional market, homes tend to sell more regularly than in capital cities. At the end of 2014, homes were being owned for 10 years, whereas at the end of 1013, it was 9.6 years. Melbourne homes are held for longer than any other capital city with a current owning period of nearly 12 years. In NSW, areas such as Auburn, Burwood, Canada Bay and Snowy River have the longest average owning periods. Ku-ring-gai and Strathfield recorded the shortest holding times.
A report has shown that only 9 percent of homes in last quarter have recorded a loss at their sale with nearly a third selling for double what owners paid .
The total vale of these profitable resales was over $17 billion three and a half times more than the total of the loss .
Sydney recorded the lowest loss-making resales at just 2.4 percent which is down from 3.5 percent in a year .
The typical home is now owned for over ten years before it is resold with Melbourne homes being held longest .