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If you want a macmansion with swimming pool and harbour views, I would say all your wages would be going in rent, however, it is always possible to adjust your expectations. Have you looked at realestate.com.au for rental prices? Obviously there may be some suburbs that you would wish to avoid but the further out you go, generally the prices come down. Does it have to be Sydney? Your pay will go much further if you opt for a smaller country town.
What you are quoting is a before tax income of $60,000 and that is quite a reasonable income - many survive on much less. Basically it all depends on how much you are going to have to fork out for mortgage/rent as to how easy it will be to survive on the rest.
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