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Well I'm officially going to be living in Bondi Beach from January 5th to mid-April as I have both my ticket there and my apartment. Not 100% sure of plans after that though.
Bondi probably won't be the greatest spot for surfing Metetron. But I believe there will be plenty of good surfing beaches within close proximity. Bondi also has a good vibe about it, depending on what you're into. It's quite touristy, but not so bad in the sense that there are usually plenty of topless European girls lying on the beach. I think the pubs around Bondi would be good for a drink in the afternoon sun.
I think they run some surfing competitions at Manly beach, and Manly is generally quite a nice area. You can get some decent food out there too.
And yes Sydney rent is generally fairly expensive. I have a mate that is my age (24) whose net worth is already around $3 million (he's an investor), and even he rents with 2 other people at all times. He is kind of a crazy nit though (thus why he has accumulated so much so fast).
I also lean towards Melbourne being a better overall city. But you can still have plenty of fun based in Sydney. Great weather. Hopefully you will make time to see Melbourne, Queensland and Perth too though. Actually all the cities are worth visiting imo.
Josem is right about the beer too. I personally drink "international" beers on most occasions. The actual Australian owned, developed and brewed mass produced beers are pretty terrible imo. But there are lots of great breweries making great beer that you will probably enjoy.
Oh and btw: It sickens me that you can beat 5/10+ for 8BB/100+.