One thing for sure is that Australia is a very expensive country. I have lived in Italy for the past 2 years and electronic goods, food & drink and property is a lot lot cheaper here (including France).
My parents are looking at property here in Italy now and you can get a new 3 bedroom apartment with views of Lake Maggiore for 220,000 euro and rent in the centre of Milan for a 2 bedroom apartment is 800 euro per month. The only thing that is more expensive here is petrol which is around 1.70euro per liter (is that more than petrol price in Oz now??).
Switzerland is an expensive country similar to Australia but they have always been that way.
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