I think your biggest problem will be finding something semi affordable close to the beach (most Sydney areas are now on par with London or New York). There is very little quality rental real estate at reasonable prices available in Randwick (or anywhere east of the CBD for that matter). I am not saying it doesn't exist... I just haven't seen it yet.
Randwick and Coogee are well connected to the CBD and Inner West via public transport (same can't be said for other areas of the city). Don't expect too much in the way of food variety though. Most of what's available seems to appeal to backpacker types and can't compete with what's on offer in areas like Newtown, Leichhardt or Glebe.
My recommendation would be to get a car ASAP. Sydney is a car city (sadly) and if you want to go windsurfing you'll find it hard to go without.
As far getting to work in Randwick goes... to following suburbs are either not far from Randwick or well connected via public transport and are reasonably safe:
- Eastern Suburbs: Bronte, Clovelly, Waverly, Bondi Junction
- CBD/ City: Surry Hills (lots of bars, restaurants, boutique shops), Darlinghurst
- Inner West: Newtown, Camperdown, Glebe, Leichhardt, Erskineville
Expect to pay about $400 to $500 a week for an average one bed room apartment in the Inner West and up to $600 close to the beach. A good web site for Real Estate listings is
www.domain.com.au/ . Inspections are usually on a Wednesday or Saturday. Expect to see 20 or more people at an inspection. The cheaper the property the more people you'll see. Don't be shocked if a people start offering more rent than what is asked.
You'll need to pay 4 weeks rental bond. Most rental agreements are 6 or 12 months. With the current lack of quality properties 12 months is becoming the norm.
You could also go for a furnished apartment which is a little bit more expensive (probably about $200 per week more) but they are often available for short term leases (ie 6 weeks to 3 months). Expect to pay a rental bond equivalent to 6 weeks rent.
When you get a property through a Real Estate agent make you sure you take extra care in filling in the property inspection report. Most agents will mark properties as in "perfect condition" even if there are obvious problems. When it comes to moving out they will then try to deduct any damages from your rental bond. In my experience it's best to make a detailed list of everything that's not in perfect condition and document it with digital photos.