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PlayStation 4 gets a price cut in time for Christmas

Sony has announced it will drop the price of its flagship PlayStation 4 console in time for the busiest retail period of the year, the first price cut since its launch.

Sony's PlayStation 4. Sony

Sony has announced a price drop for its PlayStation 4 console in Australia, cutting the 500GB model down below the AU$500 mark in time for Christmas.

The price cut will see the PlayStation 4 with 500GB hard disk drive come down from its original price of AU$549.95 for the first time, dropping to AU$479.95, a saving of AU$80.

The move comes as part of a broader international price shift, spurred on by Sony Computer Entertainment Europe, which the company says will make the console "more accessible to a broader audience" and represents its "best-ever value just in time for the holiday season."

EB Games has already brought in the price cut, shaving a little off the RRP to sell the PS4 for AU$478.

Sony first launched the PS4 in November 2013, the same time rival Microsoft launched its Xbox One console at a local price of AU$599. With two Christmases under their belts now, competition between the two brands will certainly be less intense this year. But with PlayStation getting its first discount since it came into market, it could just be the impetus gamers need to upgrade or make a switch.

The price drop also comes in time for a number of flagship releases late this year and early next year, including "Call of Duty: Black Ops III" and "Star Wars: Battlefront," both of which are set to launch with PS4 hardware bundles, and exclusives "Uncharted 4: A Thief's End" and "Street Fighter V" which are due out in 2016.