The Switch 2's price hike channels an earlier gamble with the Nintendo 64

Nintendo consoles used to be pretty pricey, and history is now repeating.

The new Metroid game. Missing from today’s Direct, but is set to look incredible on the Switch 2. Source: Nintendo

After years of rumours, we have just about everything we need to know about the long-awaited Switch 2. Thursday at midnight — Australian time — Nintendo revealed the console's launch date, features and, crucially, its launch price.

As predicted by analysts, Nintendo has used the Switch 2 launch as an opportunity to push the ceiling of its console prices. The new Switch 2 will set Australians back around $699 at launch — roughly just $150 less than the PlayStation 5's launch price, despite the unit housing significantly less processing power — if that at all is any indication of what's valuable in a gaming console anymore.

At a glance, it's a sharp increase from what we've come to expect from Nintendo consoles. As the chart below shows, they've typically been priced around the $300 to $500 mark, often cheaper than both PlayStation and Xbox. It's worth keeping in mind that Nin…