My brother went there. Its kind of considered the 'other" uni in Qld but it depends on what course you're going to do.
My parents don't live far away from there, about 4km I think (& therefore I grew up near there).
Public transport to the uni is really good (trains in Brissie suck, but the buses are good instead).
I'm not sure about the Accomodation there, but you definitely need a car for nocturnal activities.
I'm not sure about which direction would be the cheapest to look for rental accomodation, but an old uni mate lived just west of the campus off the main road (Kessel's rd) & I think they were paying just under $200/week for a house.