In absolute terms yes, by relative to income its a similar cost.
A C172 in NZ is probably NZ$200 per hour to hire solo around Auckland. Same in UK must now be circa GBP150, probably more around London.
At 2.6 $ per GBP, UK cost is NZ$390, so flying in NZ looks cheap. But most people find their income is half what they earnt in UK so it's relatively similar.
Flying is cheaper here because fuel, maintenancelabour and insurance are cheaper. Generally aircraft are worth a similar value world wide but with variations at times due to currency and shipping costs.