Housing shortage drives rents up

Rents rose last year in every capital city, led by Perth which is suffering an acute rental shortage. House rents were up in Perth 21 per cent whilst units were up 29 per cent. In Sydney median rents for units was up 3.4 per cent. ANZ said the housing shortage would get worse as building starts of 138,000 per year was well short of demand growth of about 161,000 new dwellings.