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Is Perth Running Out of Land for New Homes? Colin Keane’s 2025 Warning, Updated for 2026

Colin Keane’s four-year supply warning referred to zoned land in Perth’s north-east and south-west corridors in 2025. Here’s what the figures mean, why land takes time to deliver, and what UDIA WA reported in 2026.
From TheFinanceBase Team4 min to read

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Perth is not out of land for new homes, but the supply of land that can be turned into housing is tight. In a report published on 24 June 2025, Research4 director Colin Keane estimated that Perth’s north-east and south-west corridors had about four years of residential-land supply remaining in areas already zoned for potential development. He also said rezoning typically takes at least seven years. Those estimates describe zoned land in two corridors at the time—not a current count of serviced lots for sale across all of Perth.

What Colin Keane’s four-year estimate means

PerthNow reported Keane’s estimate on 24 June 2025. It covered zoned residential land in the north-east and south-west corridors, and should be read as an estimate of development capacity based on the assumptions then in use. It was not an independently verified government count, a forecast for every Perth submarket, or a tally of lots ready to build on.

Keane warned that rezoning typically takes at least seven years, raising concern about what could replace the zoned supply after 2029. He put the problem starkly: “If I were to speak in military terms, I would say we are running out of ammunition,” adding, “And it takes years to get new ammunition.” The quote is his assessment of the pipeline and timing, not a claim that all residential land in Perth will be exhausted on a particular date. PerthNow’s 24 June 2025 report is the source for the estimate and comments.

What the 2025 market figures showed

The June 2025 PerthNow report described a thinner pool of blocks for sale and smaller estate releases than in its historical comparison. These are figures reported for distinct periods and measures; they should not be treated as a current inventory count.

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Measure Earlier comparison More recent period reported in June 2025
Blocks listed in Perth About 3,000 traditionally 1,400 over the preceding year, described by PerthNow as about two months of demand
Estate releases Nine estates averaging 387 lots per quarter in 2008–2015 Eight estates averaging 154 lots per quarter over the preceding 12 months

Keane also warned: “If the 12-month trend continues, then the total selling capacity will be below forecast demand for land.” That is a conditional statement: it depends on the trend continuing and compares selling capacity with forecast demand. It is not proof that every buyer will face a shortage or that prices must rise.

Why zoned land may still be far from build-ready

Zoning indicates a possible planning use; it does not, by itself, mean a developer can promptly sell serviced lots. Delivery can depend on infrastructure, environmental conditions, approvals, and whether land is available in practical, connected parcels.

  • Infrastructure: UDIA WA CEO Tanya Steinbeck told PerthNow that some vacant land lacks essential water or power infrastructure.
  • Environmental constraints: Waterlogging and bush-protected zones can restrict development or add complexity.
  • Fragmentation: Steinbeck said remaining land was more fragmented and difficult to develop. In her words, “The (vacant) land we have is far more fragmented and very difficult to deal with, because there are a lot of constraints on the land that is left over.”
  • Rezoning and approvals: Keane’s at-least-seven-year rezoning estimate and Steinbeck’s comments about rural-zoned land point to long lead times, but they are not a universal timetable for every parcel.

Steinbeck told PerthNow that rural-zoned land could take seven to 10 years to become saleable blocks. That is her reported assessment, not a guaranteed schedule for a particular project. The June 2025 report also discussed government funding for infrastructure and land-enabling programs; those were announced budgets at the time, not confirmation that specific projects are now funded or complete.

What changed in the 2026 update

UDIA WA reported 386 lots on the market in the March 2026 quarter, up from 261 in the December 2025 quarter. It described the March figure as the second-lowest in its 20-year record. These figures come from UDIA WA and refer to particular quarters; they are not directly interchangeable with PerthNow’s 1,400 listings over the preceding year reported in June 2025.

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In a May 2026 market update, UDIA WA said Keane continued to regard Perth’s new-land supply as tight and expected continuing demand to put upward pressure on prices. The same account characterized Perth as Australia’s most affordable greenfield market and reported Keane’s view that Western Australian land was undervalued relative to established Perth homes. Those are industry interpretations and attributed expectations, not independent price forecasts or guarantees. The update also noted moderating temporary-resident demand alongside continuing underlying demand from permanent residents. UDIA WA is the publisher of the later listing and market commentary.

UDIA WA’s 2026 national greenfield report also discussed capacity constraints and a shortage of projects large enough to replace estates nearing completion in markets including Perth. National-level figures should not be used as a Perth supply total; a Perth-specific measure requires the report’s market-level data.

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How to read claims about Perth land supply

“Land supply” can refer to very different stages: land zoned for future housing, land with approvals, serviced lots under development, or finished lots listed for sale. A figure is useful only when its geography, date, publisher, and definition are clear.

  • Check whether the estimate covers all Perth or specific corridors.
  • Separate zoned capacity from serviced lots currently listed for sale.
  • Look for the reporting period and publisher before comparing listing counts.
  • For delivery timelines, distinguish rezoning, infrastructure work, subdivision approvals, and lot sales; they are not the same milestone.
  • Treat forecasts of price pressure as attributed opinions, and distinguish them from observed prices.

Research4 describes services including greenfield market reports and custom analysis of demand, supply capacity, pricing, development capacity, and market trends. Readers seeking professional-level detail can see Research4’s research services.

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