Playstation 5 and Xbox Series X sold for almost 10 times retail price in Australia

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Xbox Series X and Playstation 5 consoles are being sold online for almost 10 times the retail price amid a massive shortage of products. 

Private sellers are hawking off the next generation consoles for as much as $5,000 as gamers struggle to get their hands on one in retail stores in Australia. 

The Xbox Series X was only launched on Tuesday and the Playstation 5 was released a couple of days later. 

The consoles sold out within minutes and gamers have been told they will have to wait until early next year before stores will be restocked.

Private sellers have taken advantage of the shortage to sell the next-generation consoles at exorbitant prices online.

Xbox Series X and Playstation 5 consoles are being sold online for almost 10 times the retail price amid a massive shortage of products

Xbox Series X and Playstation 5 consoles are being sold online for almost 10 times the retail price amid a massive shortage of products

The Xbox Series X was only launched on November 10 and the Playstation 5 was released a couple of days later

The Xbox Series X was only launched on November 10 and the Playstation 5 was released a couple of days later

A Playstation 5 console begins at $599 at retail stores. 

Though one private seller has taken to online marketplace Ebay to sell the console for $5,000 – around nine times the market value.

Other sellers have priced the consoles at $4,500 or $3,000 or $2,000.

Xbox Series X consoles are set at a competitive retail price of $499.

Though the consoles are being sold online by private sellers for $1,800.

The Covid-19 pandemic has been linked to the record launch with more people staying at home and looking for means of entertainment.

Sony launched their consoles online as the company encouraged gamers to ‘be safe, stay home’. 

In Sydney, just a handful of customers were collecting their pre-ordered consoles on Thursday morning.

‘It’s Covid, so I guess not many people want to rush to a launch,’ said Theo Pasialis as he collected his PlayStation. 

Gamers flocked to a small number of stores in Australia, becoming the first the country to get their hands on the new PlayStation 5

Gamers flocked to a small number of stores in Australia, becoming the first the country to get their hands on the new PlayStation 5

Pictured: A man is seen purchasing a PS5 at JB HIFI in Sydney's Strand Arcade store

Pictured: A man is seen purchasing a PS5 at JB HIFI in Sydney’s Strand Arcade store

Jonathan De Botton, one customer, said the atmosphere was a world away from the PS4 launch, when lines of customers stretched into a shopping mall food court.

Thursday was ‘completely different,’ he said.

‘It was a midnight launch… It was a good time,’ he added.

Thursday, by comparison, was ‘a bit of a ghost town’.

Griffith University’s Dr David Tuffley said gaming had grown into a cultural phenomenon.

‘It isn’t just something that kids do and adolescents do. It’s people pretty much of all ages now.’ 

Private sellers have taken advantage of the console shortage and sold Xbox Series X and Playstation 5s for marked-up prices

Private sellers have taken advantage of the console shortage and sold Xbox Series X and Playstation 5s for marked-up prices

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