MidgetBoy
Please don’t confuse the cost of large apartments on Hong Kong Island to large apartments in the New Territories. Apartments on Hong Kong Island are easily double the cost of apartments per ft² than the New Territories.
So lets look at this two bedroom apartment in Melbourne that goes for AUD$1500.00 per month. Since I don’t know the property your are referring to I found one in a very average area of Melbourne for AUD$370 per week.
Melbourne Rental Property
It has 2 bedroom, one bathroom and one car space. I will give you a guess how big this apartment is. I can tell you it isn’t 500 ft². I rang the agent to find out how big it is and it is just under 100 m² = 1076 ft². So if we extrapolate this out:
370 x 52 = AUD$19240 per year
19240 ÷ 1076 = AUD$17.88 per ft² per year
AUD$17.88 = HK$129.64 per ft² per year
Looking at a similar sized apartment in a very average part of Discovery Bay you are paying about HK$20000.00 per month for a 1000 ft². This works out to HK$240.00 per ft² per year.