There are a number of colleges affiliated with the University. Accommodation is around $245 to $340 per week for a single room (in 2004), plus any enrolment, members association or other charges, although it can be a lot cheaper if you are a tutor. Colleges typically provide meals, room cleaning and weekly linen. As graduate students you would probably be living in separate quarters from the undergraduates, so therefore will be able to get private time to study or do whatever you choose. There is a lot of tradition associated with some of the colleges, for example some require a shirt, tie, and academic gown at dinner times on week days.
Sydney University Village
Sydney University Village opened in 2003, and provides various types of accommodation for around 650 students, including one-bedroom studios and one, two, four and five bedroom apartments. In 2004, the weekly residential fee in a five bedroom apartment was $148 (in addition to registration and other fees). Furthermore, students have to pay around $40/week which is credited to their village "U-Card", which can be used for purchases at the village stores. A number of med students live at the village.
Other university (and associated accommodation)
The University also has a number of units and terraces close to the Uni available for student accommodation. Details are available on the Uni's Accommodation service pages. STUCCO is a housing co-operative which provides an interesting living environment. It is run by its residents and gives students the opportunity to actively get involved in cooperative student living. See the STUCCO student cooperative living website.
There is usually plenty of rental and share accommodation in the area around the Uni. Costs vary considerably, often reflecting the type, quality and proximity of the accommodation. There are various off-campus residential hostels and other forms of accommodation.
Useful websites for rentals include RealEstate.com.au and Domain.com.au, and local newspapers such as the Sydney Morning Herald have rental classifieds on Saturdays.
Some of the hospitals offer student accommodation at pretty cheap rates, though they can be hard to get a place at. Places are usually reserved for 3rd and 4th year students. Hospital accommodation can be especially handy during clinical blocks. Your allocated clinical school can provide additional information.