My Bias opinion is that North Canberra is better, that is suburbs in Belconnen and Gungahlin.
There are quite a few houses going up in Bruce, which is the Suburb that Canberra Stadium is located..
As for stuff to do, depends what you like.. But there is enough night clubs here to keep you occupied, as well as plenty of places to have some games of pool. There is also a few Irish Pubs around the place if that's your go.
After every home match the Raiders run free shuttle buses to the Tradies club, membership to the club is only like $5 a year and you can get some reasonably priced drinks and chat with the players..
I'll write some more tomorrow, I'm pretty much out for the count at the moment.