Wouldn't all the colleges be full by now?
You might want to look at this comparison .pdf: http%3A%2F%2Fsydney.edu.au%2Fcurrent_students%2Faccommodation%2Fdocuments%2FCost_Comparison.pdf as well as the USyd website re. colleges, not that it owns any of them:
http://sydney.edu.au/current_students/accommodation/on_campus/colleges.shtml
The Jewish one, Mandelbaum, is pretty nice but one the Darlington side of the campus, near Redfern railway station and the TAFE. If you don't like getting your CV devo'd, then this is a safe bet. It's quite dear and can be dull, though. Though, to each their own, and that includes opinions.
Paul's can be too collegiate ('American' even), in an unmeritorious and not simply descriptive sense. Wesley is similar. Drew's, however, seems pretty tame.
If you're not into being catered for and mollycoddled, you could live at USV or SUV or whatever (the Village) near Newtown and the med library/lower medical precinct. It should be cheaper given that you have to take care of your stuff and share with others. Alternatively, there may be some housing nearby that's affordable. Again, you may have to share with other students and randoms.