ASO, Kia Ora!! I think you'll find that most of the Captains with Virgin Blue, in Australia, gave up MUCH better paying jobs when the opportunity to live, and work in Australia, was offered. Likewise, Cathay Pacific and Singapore Airlines pay their Aussie-based pilots less than those based in H.K. and Singers (or, to put it another way, they pay their Asian-based pilots MORE to live in Asia).
So yes, there is a recognition - by pilots AND employers - that LIFESTYLE (and cost of living) is worth something...I'm not sure of a precise dollar value, but that would be interesting to calculate - I'll float the question on Dunnunda & Godzone.
As far as giving up a salaried job to buy one's own floatplane?? I can see your acquaintance suffering a lot more stress and sleepless nights than he currently does flying his 5 day a week "Taupo - Auckland - Kataia - Auckland - Taupo".
BTW, I have a place in Hanmer Springs - not as smelly as Rootaroa!