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South-east Queensland house price growth not extending to state's regional cities There is a two-stroke economy in Queensland's property market, with the state's south-east booming while many regional markets struggle, a report by the Real Estate Institute of Queensland (REIQ) has revealed. Centres hit hard by the mining downturn — including Rockhampton, Townsville, Mackay and Gladstone — saw median prices fall 27.7 per cent since 2012. Unit markets in Bundaberg, Fraser Coast, Townsville, Mackay and Gladstone fared even worse with median prices plunging almost 44 per cent in the past five years. The Gladstone market faced the most significant challenges with the annual median price dropping from $458,000 in 2012 to $295,000 this year. The REIQ report attributed the poor performance to the mining downturn and a declining population in the regions . In contrast, Brisbane's average house price hit a new high of $665,000 this year, up from $505,000 five years ago. REIQ spokeswoman Felicity Moore said the increase represented "consistent growth for the market". "This is remarkable given there's been some economic forces that have been detracting from the state's economy," Ms Moore said. House prices on the Gold Coast also grew steadily, improving 6.8 per cent to $620,000 in the year to June.
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