PlayStation has finally revealed how much it will charge for its new console and when you can get your hands on one.

Sony's PlayStation 5 is being released in New Zealand on November 12, coming in at a price of $819.95.

For those wanting a cheaper option, a digital-only version, which doesn't come with a disc drive, will also be launched for $649.95.

PS5's trailers revealed a number of games set to be released at different times, including Fortnite, Call of Duty Black Ops Cold War, Hogwarts Legacy, Final Fantasy XVI, Resident Evil Village, among others.

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Devil May Cry 5: Special Edition and Fortnite will both be available on day one.

The US, Japan, Mexico, Australia, New Zealand and South Korea will see the console on November 12; everywhere else will get it a week later.

Last week, Microsoft said its Xbox Series X will cost $799 and debut November 10.

A stripped-down version, Xbox Series S, will cost $549 and be available at the same time.

The roughly 7-year life cycle of a video game console has been nearing an end. Both predecessor consoles, the Xbox One and the PlayStation 4, launched in 2013.

The new consoles promise faster load times, souped up graphics and new games. Sony's console is also more expensive this time around; the PS4 launched for $593 in 2013.