I can tell you right now that the great Aussie dream will take years in CX to recover (if at all) nowadays. If it's a backyard and BBQ area you want, then the HKG lifestyle will not be for you. As a S/O, you will be struggling to find a decent pad - especially if you have a family. Without a family, the housing allowance will get you a cute (read: small) pad in town. The touch will have to be played in a field shared with lumps of dog crap.
The education allowance is ok, but these days some parents are finding it increasingly difficult to get their kids into the good schools. There are other threads and web articles on this, but suffice to say that to guarantee a place in some schools, a hefty and upfront payment will be required.
Having said that, long term the housing is ok if you can weather the initial dump in lifestyle. That is of course, unless CX decides to play with that again!