Thanks TeacherBen! Have lived in Waterloo when we first moved to Sydney, it was quite nice, loads of students and near the Sydney CBD but also felt quite 'impersonal' because students come and go so I was missing the 'community feel'. When we lived there, we were sharing a very large duplex apartment with another couple and were paying $380 a week inclusive of bills for a bedroom and huge private bathroom and own courtyard.
Then we decided to get our own place once we both had full time jobs and knew where we had to travel to (in our case, Macquarie University and North Sydney CBD) so we asked around and decided the best place for us was Crows Nest on the lower North Shore and we've been living there for over a year now and absolutely love it! It's very well connected transport-wise with buses and trains on our door step, very safe, loads of restaurants, cafes and activities. To give you an idea of rent, we're paying $560 a week excluding bills (although water rates tend to be included in most rents), that's for a modern 70m2 one bedroom apartment with underground parking. A good website to check out for rents is: http://www.domain.com.au, you can just have a quick check of different areas on there but overall we found rents don't vary hugely (unlike London!) unless you live very far out of the centre. And you'll soon find out some areas are better avoided...like King's Cross and some areas in the West of the city.
When you look at rents, you also have to factor in your likely income which in my case was twice my UK income and in my partner's case about 1/3 more but then cost of living is quite a lot higher...but overall, much better quality of life (the weather and Sydney itself are amazing!!).
Any other questions, feel free to PM me
Good luck with your application!