With Reserve Bank governor Glenn Stevens describing part of the Sydney property market as "crazy" and foreshadowing yet another cut in interest rates, it's never before been so important to buy wisely, to make sure it's a decision that will prove financially worthwhile for years to come.

Domain offers our top 10 tips from the industry's experts.

1.  Shop around for the best mortgage deal

"While interest rates are at historic lows, it's still critical to seek the advice of a professional mortgage broker," says John Symond, Executive Chairman of mortgage broker Aussie. "You've got to make sure you get the best deal for what could be the biggest investment you'll ever make in your life."

2. Rent where you want to live and buy in a good investment suburb

"It's usually much cheaper to rent where you want to live than to pay off a mortgage for a similar property in the same location," Patrick Bright, the author of The Insider's Guide to Buying Real Estate, advises. 

"Plus you get tax deductions and buying a good investment property today can get you a 4-5 per cent rental yield."

3. Move out of the inner suburbs to find better value

"You might be moving to a less gentrified area, but urban sprawl is a wonderful thing," says Doug Driscoll, the CEO of agents Starr Partners. "It may not be trendy today, but maybe tomorrow ..."

His top tip is Riverstone in the west, while the Central Coast has recently shown great capital growth. 

4. Look for somewhere that's about to benefit from new infrastructure

"It's all happening in Parramatta," says local Ray White agent Rowan Thredgold. "We're getting a new town centre, the Church Street redevelopment is completed and public transport is great here. It's a wonderful time to buy as everything's coming together."

The median house price in Parramatta is $760,000, though the median for apartments is $530,000.

5. Inspect houses carefully and try to find one you can add value to later

"There might be something you can do to add amenity and make it more valuable than the price you paid for it," Chris Curtis of buyers agents Curtis Associates says. "That might be an extension or even a granny flat." 

6. Pool your resources with a friend or family member

"It should ideally be with someone at the same stage in life as yourself," says Justin Doobov, managing director of mortgage brokers Intelligent Finance. 

"Agree to a five- to ten-year deal, and make sure there's an out clause if you need one."

7. Buy as an investment, and live with mum and dad

"Interest rates are low, but you still need a big deposit," says property strategist Michael Kelly of VIP Portfolio.

"So if you're going to be a bit stretched, see if you can live at home for a little longer, and earn rent and capital growth from the property and maybe move into it later."

8. Consider buying a dual-key property

That way, the property can be split in two between the owner in one part, and a renter in the other.

"We've found they've proved very very popular in our offerings in Central Park," says Frasers Property Australia sales director Paul Lowe. "Someone can buy their own home but also have a rental income, with each person having their own lockable front door."

9.  Try to identify a property that's been vacant for a long time

The best way to do this is to look at it's rental history, "then make an offer to the owner," suggests Dennis Kalofonos, principal of Sydney Property Finders.

"Maybe it's mispriced, has a bad property manager or hasn't been presented well, but we've done this many times and often had a very good buy."

10. Get out of town

Think of one of NSW's seven 'Evocities' -- Albury, Armidale, Bathurst, Dubbo, Orange, Tamworth and Wagga Wagga.

"These centres are probably around the population size of Manly or Strathfield and offer great shopping, health and education facilities," says James Treloar, Evocities spokesman and Tamworth mayor. "And in any of those, you could get a brand new four-bedroom house on 600 square metres of land for under $400,000."

Renting a home in Neutral Bay, Adrian and Tegan Sexton despaired of ever being able to afford a house of their own. So in the end they decided to make the move to the Central Coast.

"And we love it here!" says Adrian, 34, an environmental engineer. "We were able to afford a much better property for our price range, we really like the lifestyle and it's a great community of young families who have mostly all also moved here from Sydney."

While capital growth is currently strong on the Central Coast, with Gosford recording 27.9 per cent rise over the last year, the only disadvantage is commuting to Sydney each day for work. But Tegan, 33, an executive assistant, parks at Woy Woy station and catches the train for the 70-minute trip to Central, and works one day a week from home, while Adrian's job takes him all over the area. 

"It's not so bad," he says. "I have a laptop with a simcard, so that time on the train is always very productive. Lots of people up here do it."

The couple moved north three months ago, buying a four-bedroom, two-bathroom house in Point Clare for $521,000 through Michael Cordi of Starr Partners East Gosford. The median price of a house in Neutral Bay currently stands at $1,531,000.

"There's no chance we'd ever have been able to buy a house there," says Adrian, who's planning with Tegan, one day, to start a family.

"And this is a lovely spot. Our house overlooks the Brisbane Water towards Gosford city, and this area would definitely be great for kids with a primary school within walking distance."