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There are three serious contenders in the very competitive game console market at the moment - XBox 360, Nintendo Wii, and PlayStation 3. A month back, I surveyed the prices in both Singapore and Malaysia. Good news is, the Asian versions of the PS3 and Wii are available. The bad news is, the prices are unstable and subject to the laws of supply and demand.

The price for a 60GB PS3 premium console has dropped considerably. Previously, the imported American version was selling for RM3,799.00. This was due to a screw up somewhere in the supply chain. The Asian version has a price tag of RM2,799.00. That makes the console that much more affordable.

While there’s a smaller 20GB version, the Malaysian market doesn’t importing them because there’s little difference (and probably demand) in terms of price. Additionally, the standard version does not come with slots for memory cards. While you have 20GB of available built-in storage, the memory slot is still useful for saving portable information in case you want to play at your friend’s place.

The price for the Nintendo Wii has taken a reversed path. The game console first appeared in the Malaysian market retailing at RM1,700.00. That price has since skyrocketed to a whopping RM2,500.00 due to overwhelming demand. It is high enough that many retailers are not stocking the machines for fear of not being able to move the units. This puts it on par with the PS3 in terms of pricing but for weaker specs. The plus point to the Wii is their new age controllers.

If you’re looking for the Nintendo Wii in Malaysia, you’ll have to place a special order with the retailer. And even then, there’s no guarantee that you’ll be able to get your hands on one. If you’re looking to own a Nintendo Wii, it’s better to hold off your purchase until the supply has caught up with the demand. Otherwise, you’ll have to pay a huge premium on the price.

It’s a sellers market at the moment. Desperate folk are willing to pay top dollars for the newest game consoles despite the small pool of available games. It should all settle down in a couple more months. Until then, with increasing demand as the game console grow in reputation, expect the prices to continue to fluctuate much like the stock market.