I'm well out of the right age bracket to be going to uni so I cant really comment on that but I do live like 2 blocks away from the ANU, really close to the city which has pretty obvious benefits. The nightlife is actually pretty decent as long as you don't go to the big shitty clubs and seek out a few of the cooler spots... that or house parties, it is uni after all haha...
Obviously close to Perisher, closest 'big' city to any resort in the country I think actually...
Canberra cops a lot of flak but it's actually a pretty good spot, ignore the haters who only went once on their year 5 interstate excursion.