It's possible. A few tech crews and cabin crews live in, or near the central coast. There's no restriction other then having to arrive at work from your first phone call from crewing on your reserve period in 2 hours.
Coming from the north to the airport is a pain because of multiple toll roads and government induced road restrictions. Someone mentioned to me once that for a roundtrip on the toll roads cost close to 25 dollar. However, coming from the south is a more ideal situation. You can get from Wollongong to the airport just around an hour mark, which is more ideal.