The value of Australian houses rose by $450 million in the March quarter, the highest rise on record, bringing renewed calls for action to address the growing housing affordability crisis. According to the latest figures by the Australian Bureau of Statistics (ABS), Australian residential dwellings surpassed $8 trillion for the first time. New South Wales (NSW) alone accounted for around 40 percent of total national value. “The average price of residential dwellings in NSW rose to $1.01 million, ABS Head of Prices Statistics Michelle Marquardt said. “This was the first time any state or territory had seen the average price of dwellings rise above $1 million.” The sky-high prices in tandem with a looming housing supply shortage mean some residents are moving further away from workplaces to avoid falling into housing stress. The government defines housing stress as a household that is earning in the bottom 40 percent of the …