I love studies like this.
If you actually provide a like for like comparison, it might be worth discussion.
A quick google gave me the below.
Belleview Hill $5.5m gets you 462 square meters, beautiful period home with modern reno, pool, quiet street close to some of Sydney's best schools and a 15 minute walk to bondi beach.
https://www.realestate.com.au/sold/property-house-nsw-bellevue+hill-129106814
New York City $5.95m gets you a quite small 4 bedroom (see floor plan A) in a high rise building which would clearly come with outrageous ongoing costs.
https://newconstructionmanhattan.com/buildings/the-chelsea-mercantile
There would be many more comparisons, that could probably skew the other way and given that this NY example is a new build. Feel free to post your own.
But $1.55m in NY city gets you an absolute shoe box, see studio apartment floor plan on same link.
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