FWIW, We lived in a two bed unit until our kids were almost 4 and 8.

I reckon you can make 1 bed work. A lot of the world has less. Being an older dad I'd err on the just have a kid, you'll make it work side of things. I love being a dad, but I doubt I'll see grandkids and I like the idea of being a grandad. It has completely changed my perspective on what is important. I don't care about having a Tesla or whatever. My life is about making sure they have a good life now. The goals are really real now.

For both of our kids we had a good stroller with a bassinet. We could put them to sleep in whatever room and wheel them around the unit without waking them up. So you could put them to sleep in the bedroom, watch tv or whatever until your bed time, and then wheel them back to the lounge (or not). When they are older, you can just put the to sleep in the bedroom and then move them out into the lounge if you need to. Sure, none of this is ideal or Better Homes and Garden, but completely manageable.

OTOH, I have, as have many, and some still do, thought there would be a meaningful drop in prices of property in Sydney for around 20 years. There has not been. Don't try and time the market. It was also a good thing we sold our unit to put it into the house when we bought in 2019.

I am also older so I've done my partying and traveling etc. I'm perfectly happy having to stay at home looking after the kids etc. So I am possibly quite biased in my attitudes towards all of this. I wouldn't change being a dad for anything.