For non-homeowners it's higher at A$348,500 for a single and A$433,000 for a couple.
Assets can include other property, boats, caravans, household contents and personal items, life insurance and a multitude of other financial and business interests which would include any KiwiSaver money you have amassed.
There are also limits for income which include any income earned from financial assets such as investment returns.
For those who do qualify for the Australian pension the maximum basic rate paid out is A$782.20 per fortnight for a single and A$1,179.20 per fortnight for a couple.
That compares to New Zealand's superannuation rate of $749.06 per fortnight for a single and $1152.40 for a couple.
While there doesn't seem to be much in it dollar-wise, it can depend a lot on your cost of living and how much that would vary in each country.
Bruce Kerr, executive director for Workplace Savings, a group which represents super schemes in New Zealand, said the strong dollar would increase the appeal for some but where a person chose to retire was not just about money.
"I'm sure some people will think about [it].
"But speaking without my Workplace Savings hat on, retirement is about community and where you want to enjoy others' company."
Kiwis also face added complications in taking their KiwiSaver money to Australia.
While the two countries have agreed in principle that superannuation is transferable so far just one Australian scheme is accepting KiwiSaver cash - a Western Australian scheme called WA Super.
Kerr said despite the issue being something that officials were keen to remedy it was not high on the priority list for Australian superannuation schemes.
Blair Vernon, director of advice and sales at AMP Financial Services, said its advisers had yet to see any increase in people asking about moving to Australia.
"At the moment we haven't seen any evidence of any recent change," Vernon said.
"What we have typically seen in the past as people contemplate moving to Australia is it's less about the prevailing exchange rate and more about costs."
Kiwis faced losing access to services and benefits like free healthcare given how they were treated in Australia.
"If you do the maths it is quite a big give-up."
When a person was retired they had a restrained income so having to pay out money for expenses which would be covered in New Zealand could have a big impact on lifestyle, Vernon said.
There were also set-up costs to be considered in Australia such as stamp duty for buying a house and each state could have different systems.
In the past few years advisers were typically seeing more Kiwis returning home and the strong exchange rate presented challenges for those trying to bring money back.
Vernon said anyone considering a move should do their research and get advice.
• For more information on Australian pension income and asset testing, visit tinyurl.com/incometest and tinyurl.com/assetstest.
Retiring in Oz
• As at 1 April 2015, 42,500 people were receiving some amount of New Zealand Superannuation in Australia.
• Kiwis can continue to receive superannuation for up to six months after they leave New Zealand.
• People staying for more than six months will need to apply for an Australian Age Pension.
• Australian Age Pensions are income and asset tested, unlike New Zealand Superannuation.
• To get an Australian Age Pension, you must be an Australian resident. In general, this means that you must have been in Australia for more than 26 weeks or intend to stay there for more than 12 months.
• If you're going to live in Australia for between 27 weeks and 52 weeks, you may not qualify for New Zealand payments under the Social Security Agreement.
