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 three and a half 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 last quarter 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 .