Saw this new phone popped up at MobiCity. Similar internal spec to Nexus 4 — same quad core Snapdragon 1.5Ghz CPU with Adreno 320, 2GB RAM and 16GB NAND. It has narrower 4.3" 1280x720 IPS screen, and runs Xiaomi's ROM which is regularly updated.
Comparison with Nexus 4 on GSMArena
$449 + $19 postage = $468 delivered from MobiCity. Yes, it's more expensive than 16GB Nexus 4. If it's available for ordering.
Also seem to be the only AU seller that stocks it, although it would most definitely be grey imported (although MobyCity handles the warranty). For those who are more adventurous, you can get the same phone from places like Aliexpress for USD$410-$450 depending on the seller. Sold for USD$410 here.
This is a china phone but I like it. 342 ppi ! Pretty good