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Ok, good strategy as apparently prices are set to fall in 2015. Rents are falling too so you should be able to rent in the meantime.

May be too hard to rent in Randwick with 2 mouths to feed and fund an IP?

Would it be possible for both of you to get jobs in the CBD/Parramatta/Olympic Park/North Sydney etc etc and move your kid to a school that is conveniently located? Unless your wife will be working in Randwick forever and ever, why bother buying a home around where you work. Most people buy...

Hmm I think she got home by 6.30-7pm at the latest daily. Kids had a full-time babysitter so were already bathed and fed. My colleague played with them etc for 1.5-2 hours, then they went to bed.

Plus 30-45 mins bus to Randwick :)

If having a house is a priority, can your wife change jobs and your son move schools? Moving schools should be no problem. And unless your wife has a really, really good job in Randwick, changing jobs should not be a problem as well. Can your wife stretch her travel time or drive to work then...