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Police and fire crews were called to a house on Wallace Street in Newtown at around 3pm.
Paramedics tried to save the man, but he was pronounced dead at the scene.
9News understands neighbors tried to put out the flames with garden hoses while they waited for firefighters to arrive.
A second person was taken to Toowoomba hospital in a stable condition with chest pains.
Damage to the exterior of the building was limited, but it still took fire crews about half an hour to extinguish the blaze.
On arrival at the scene there was “a large amount of smoke and flames coming out of the windows”, Queensland Fire and Emergency Services Chris Martial said.
Investigations are underway.
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