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That is just too much, at beach camera they have it at 69 USD
I noticed that beach camera has really cheap audio technica. The problem is that they are cheaper than even the cheapest internet retailers in Japan. Given the strong yen I seriously doubt these are real Audio Technica. There are many fake audio technica out there and Beach Camera is known to "gray market".
Here are the cheapest prices in Japan for ATH-ES7
http://kakaku.com/item/20461510666/
(10,343yen with the current exchange rate this would be $128 USD). So I would say anything less than $128 for ES7 is probably a fake.
I would recommend sticking with your favorite retailer in Australia for $147AU