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Greater Brisbane real estate prices up 3.1% on last year

House prices in Greater Brisbane currently stand at a median average of $495,000 - 3.1 per cent higher than the corresponding figure recorded last year. 

This is according to the latest data from Real Estate Institute Queensland (REIQ), which covered the three months ending September. 

Median house prices in Brisbane itself were up 4.1 per cent compared to the same time last year - although they were also subject to a dip in the short term, as they were 1.6 per cent down on the second quarter. 

REIQ attributed this trend to the impact of an influx of new units on the city's property market. 

Brisbane's median unit price of $440,000 is down 1.1 per cent compared to last year and this is also a 2.7 per cent quarterly drop. 

Price falls for units and apartments have been expected by property analysts for some months now as a result of new buildings being built. 

There has been positive growth elsewhere in Queensland, particularly in the Gold Coast and Cairns. The former saw median house prices hit $565,000 - up 5.6 per cent from 12 months ago - and median unit prices increase by 4.8 per cent to $390,000 during the same period. 

Median house prices in Cairns stood at $395,000 for the third quarter, which is flat on 2015, while the city's median unit price expanded by 4.4 per cent to $238,000. 

Antonia Mercorella, chief executive of REIQ, said the real estate market in those areas could be boosted further by the Adani Carmichael coal mine. 

"Jobs mean growth and the regional communities of Townsville, Mackay and Rockhampton have been declared as hubs for the Adani workforce, which is great news for those real estate markets," she commented. 

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