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Personally I think I'd really struggle on that and there are only two of us. A quick look on realestate.com shows 3 bed proporties around Terrigal for about $270-310 a week at the cheap end of things, so that's nearly $15k a year just for rent. It's also about a 2-hour commute each way if you are going to be working in Sydney, which is a pretty serious fuel expense.
It's probably doable of course but I think it would be bloody hard.
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