WA Premier Colin Barnett has said he sees no future for Subiaco Oval when the new Perth stadium opens in Burswood in 2018.

Mr Barnett said the oval, also known as Patersons Stadium, sat on prime real estate in Subiaco and could be turned into a housing development.

However he stressed no decision had been made.

The land is owned by the State Government and currently leased to the WA Football Commission, but Mr Barnett said he did not expect that agreement to continue beyond 2018.

"I've got to say I can't see a future for Patersons Stadium as it is," he said.

"I think when the new stadium is completed by 2018 it will be so good and so attractive for major sporting and entertainment events, and the fans' experience will be so good, that I don't think anyone will want to come to Subiaco."

The five-tiered, 60,000-seat stadium at Burswood will replace Subiaco Oval and Mr Barnett said in July the project was under budget at $862 million.

Construction is due to begin in December and be completed in time for the start of the 2018 AFL season.

No guarantee oval will continue in current form: council

Subiaco Council said it was considering options for the site but could not say whether the stadium would be retained in its current form.

"The city currently has two urban design studies for the North Subiaco area out for public comment, and it is anticipated that community feedback will help shape the future planning and development of this area, which includes Subiaco Oval," CEO Stephen Tindale said.

"In both scenarios, Subiaco Oval would be retained as active recreation space with potential high density residential development nearby."

But a council spokeswoman said the proposals did not specify whether the grandstands would be kept, only that some form of sporting and events venue would be retained at the site.

Mr Tindale said the aim was to create an "economically resilient area that complements and builds on the existing character of the area".

WA Football Commission CEO Gary Walton said no formal discussion had been held with the Government about the future use of the oval.

"I don't think we can be as naive to say that the oval or the stadium will be as it is today," he told 720 ABC Perth.

He said the commission still had 77 years left to run on its lease at the oval, and would still require a headquarters even after AFL games moved to the new stadium.

"That's not to say this oval can't be used as a football oval," he said.

"Clearly we don't need a 40,000 capacity [oval] and a whole lot of concrete around the oval, but there's certainly more potential other uses of the oval."

These could include community football events, he said.

"I would hate to see the loss of a football oval," Mr Walton said.