Each of the first two interest rate hikes were passed on in full soon after by most banks.
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Tasmanian borrowers likely haven't seen the last of the mortgage stings.
When the RBA meets next month, it is likely to continue raising rates, said independent economist Saul Eslake.
"The most important message is this isn't the last one. The RBA said it would be taking further steps to normalise monetary policy settings - central banker speak for increasing interest rates," he told The Examiner.
He noted that interest rates were still low by historical standards.
Mr Eslake said the three rate rises so far, combined with rises expected in coming months, were "very likely" to dampen demand for property across Tasmania and the country, as the Corelogic data showed.
"I think it would be reasonable to expect [property price] falls of 10 per cent in Hobart between June and the second half of next year," he said.
"It isn't always the case that increased interest rates result in property price falls, but it is more likely in this case because prices have risen so much and because households have so much debt."
He noted that Tasmanian house prices have more than doubled, on average, since 2014.
Those sharp rises in house prices and the high level of debt should make borrowers more sensitive to interest rate increases he said.
According to the data, Launceston house prices fell by the most of any region in the state. Hobart prices were down by 0.2 per cent in June, while values increased by 1.4 per cent in the West and North-West coast.
The median value of a Launceston home in June was $584,919, down $6463 from values in May.
Launceston unit values increased over the month, by 1.3 per cent, while the value of Hobart units fell 0.3 per cent, according to Corelogic.
Corelogic research director, Tim Lawless, said the Home Value Index report recorded a nationwide 0.6 per cent drop in median house values in June, with steep declines in Sydney and Melbourne driving most of the result.
He said house prices are now well past their peak rate of growth.
"Housing value growth has been easing since moving through a peak in March last year," he said.
"Surging inflation and a rapidly rising cash rate have added further momentum to the downward trend. Since the initial cash rate hike on May 5, most housing markets around the country have seen a sharper reduction in the rate of growth."
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