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Tas home prices up, rents down

Tasmania's home buying market appears to have well and truly shaken off the pandemic.

Hobart's home values rose in May, up 0.8% in the newly released CoreLogic report.

That is easily the strongest result of all the capitals and is the opposite of Melbourne which dipped 0.9%.

The story is nearly the same for regional Tasmania, where values increased 0.6% for the month.

Rents are where the brakes have been applied in this state, in the past two months Hobart down 1.4%, the biggest dip of the capitals, and regional Tasmania's rents dropping 0.7%.

The CoreLogic report explains why rents have eased. 

"The reduction in rents comes after a period of rapid rental appreciation across Hobart. Anecdotally, a large number of short term rental properties have recently transitioned to permanent rentals, which has contributed to higher supply at a time when demand has slackened."