I only know that it ranked about 8 at one time. I don't know what it ranks now in the world university listing. It also depends on the subject. I know it's strong entry demand and most universities do.
Accomodation in the area is definately student oriented. Easy access to most clubs with public transport. You don't necessarily want a car because parking is hard to find (with the accomodation) Campus itself has parking for those who travel some way. Like I said public transport is available and you're only a couple of stops from Sydney CBD by train. It's about 45 minutes to an hour to Bondi Beach from that area.
If you happen to study at that university ther is no excuse for not visiting the Opera House and taking a photo of Harbour bridge and what you're at you can take a trip across the harbout and check out the view of Sydney from the giraffe's enclosure. The have the prime real estate.
Alex