Nearly $8 million of Cannabis and 12 Industrial Grow Houses Dismantled Near Muswellbrook

BY ISABEL EVERETT


Drug and Firearms Squad detectives have charged two people after dismantling 12 large-scale industrial grow houses near Muswellbrook and seizing cannabis with a street value of nearly $8 million.

In November last year, detectives from the State Crime Command’s Drug and Firearms Squad established Strike Force Harthouse to investigate the cultivation and supply of cannabis across NSW.

Their inquiries uncovered a remote property near Muswellbrook being used for the large-scale cultivation of cannabis.

Following extensive investigations, strike force detectives executed a crime scene warrant at a property on the Golden Highway at Gungal, about 58km south-east of Muswellbrook, around 9am on Thursday August 20.

During the search, investigators seized 2628 cannabis plants with an estimated potential street value of $7.8 million.

Officers also located equipment consistent with the cultivation of cannabis within 12 large-scale industrial grow houses, which were subsequently dismantled.

Two men – aged 24 and 29 – were arrested at the property and taken to Muswellbrook Police Station.

The Cabramatta men were both charged with cultivating a prohibiteded plant (large commercial quantity).

Both men were refused bail to appear at Muswellbrook Local Court on Friday August 21.

Investigations by the Drug and Firearms Squad are continuing.

Newcastle's Housing Prices Fall Flat for the First Time in 18 Months

BY JESSICA ROUSE

Experts say the flattening out of Newcastle's median house price was inevitable after a considerable housing boom this year.

The median house price has dropped by 2.5 per cent in the September quarter going from $610,000 down to $595,000 in Newcastle.

Compared to other regional areas Newcastle is quite attractive affordability wise; the median house price in Wollongong is $650,000 and $750,000 in the Southern Highlands.

Domain group Chief Economist Dr Andrew Wilson said we're one of the strongest regional growth areas when it comes to house prices and this is the first time they've fallen flat in 18 months.

Dr Andrew Wilson. Image domain.com.au

"Despite that quarterly fall in prices, Newcastle house prices are now up by 13.3 per cent over the past year and it has certainly been one of the strongest performing regional centres in Australia over the last year and there's been some consolidation there recently,"

"Similar to Newcastle, Wollongong after very strong growth over the past year has also tracked backwards over the September quarter down by 1.9 per cent. And similar to Newcastle, Wollongong's median house price has increased by 13.9 per cent over the past year and I think this is just another story of consolidation of very strong prices growth," said Domain group Chief Economist Dr Andrew Wilson.

Dr Wilson believes tighter bank lending to investors who were quite active in Newcastle is taking some of the blame for the drop in the median house price.

He said the flattening is a part of the cycle of house price growth and fall.

"The market's now finding a level and I wouldn't be surprised if prices continued to grow over the year, but I don't think we'll see the same sort of results we've seen in terms of the rate of growth and the boom time rate of growth over the last year."

Sydneysiders have discovered what Newcastle has to offer and are buying up, and even better the lower prices are better for first home buyers who don't need to pay stamp duty at the moment either.

"Newcastle still offers some considerable affordability advantages to the Sydney market. The current median of $595,000 in Newcastle is still well below the Sydney median which is just under $1.2 million," said Dr Andrew.