Oz - particularly the Sydney beaches - is great if you've got a lot of money, not so hot if you havent IMO. The cost of living - particularly keeping a roof over your head - is ridiculous. I lived in Bondi for several years back in the 80s and it was the best time of my life but it was so much cheaper in relative terms back then. Bondi went from being uncool to tres tres trendy and that's all she wrote - I moved to Adelaide which has never been cool ;)
I think Bill Bryson once wrote something similar about Savannah, GA (great place to live if you have the money) - the book is somewhat dated now but it would be interesting to retrace some of his footsteps.
Apologies for taking this OT - back to the X.