I'm going to jump in this thread as someone who's studied and lived in Melbourne, Boston and Perth. I studied at Babson for 6 months exchange. Had a blast in the 'College Party' scene, eg frat parties, pregame football parties, etc, but was disappointed by the nightclub/pub scene and by being kicked out by 2am.
If it were me, I would check out Curtin and University Western Australia. Perth might be lacking in a music scene compared to Melbourne and Sydney, but it definitly has some worthy events. Its got a few great scenes on the up. Yes, in the months i've been here i've been disappointed that more acts haven't made it across the desert, but it hasn't stopped me having a good time at all.
One thing I found about exchange, is that I hung out with mainly other foreigners. I just didn't make many yankee friends. AND, i have never met as many euro and asian babes as studying in WA. HEAPS of international students it's crazy. Don't know the stats, but I definitly feel as though the WA uni's are more international than RMIT and Monash.
Also, I would NOT recommend studying at Monash purely because of location. Monash Caulfield campus (mainly Business and IT i believe) is a great campus in an OK location, but Clayton (main campus) is too far away and driving to school SUCKS. Monash Clayton is similiar distance and accessability as Babson was to Boston CBD (I lived in Alston (SP?) Melbourne Uni, RMIT and Swinburne are OK but i prob wouldn't go to Swinny
Perth also has nice beach activities. The ocean is 25 mins by public transport from the CBD. and you can jetski,kite surf, etc 4mins from the CBD. Melbourne or Syd will feel very much like Boston, both very 'go go go' and artsy and lots going on, Perth is laid back, relaxed and easy going. St Kilda is melbs closest beach, but it's in the bay (no waves). Surf beaches are 1hr plus by car away.
Life seems more laid back here in Perth. I feel as though people are friendlier and easier to meet. Going out is more expensive (drinks are more expensive) as are food and petrol (GAS

) rent and public transport are cheaper. I've also had a much easier and smoother experience finding accom here in Perth.
anyway that was a completely opinionated and one sided piece of writing there. just my thoughts

PARTY ON!
edit:
semester 1 is late feb/early March and sem 2 is July. Most international 1st semester application deadlines would be mid Dec.