The West Australian
About half of Perth will run out of land zoned for homes in as little as four years — potentially extending the city’s soaring property prices — warns one of Australia’s land supply experts.
Colin Keane, from Research4, said Perth’s north-east and south-west corridors, which include Ellenbrook and Baldivis, both had only four years of residential-land supply left in areas zoned for potential development.
He said it typically takes at least seven years to rezone land, suggesting there appeared little in the pipeline to pick up demand from 2029
The fast-dwindling supply could jack up prices, potentially extending Perth’s nation-beating hikes of the past two years.
Perth land prices — currently an average of $370,000 — grew 34 per cent last year, and 15 per cent in 2023.
“If I were to speak in military terms, I would say we are running out of ammunition,” Mr Keane said. “And it takes years to get new ammunition.”