New development industry research has found Premier Chris Minns's signature housing policy will not work in Newcastle because construction costs are putting apartments out of most buyers' reach.
The Urban Development Institute of Australia published research on Thursday which says a typical new two-bedroom flat in the nine Newcastle suburbs covered by the government's Transport Oriented Development (TOD) Program would need to fetch more than $1.15 million to be viable, 53 per cent higher than the average market price.
