Is there such a thing? In my experience with renting it's not usually a case of choosing the perfect rental accomodation but rather the least crappy option available. I find it very frustrating that many people don't seem to understand this. It's bad enough having to settle for somewhere that isn't quite right for you without people saying "but surely there was somewhere cheaper/bigger/nicer available." Sure, there was but I decided to leave it for somebody else and rent somewhere not as good instead. Usually that kind of comment comes from people who haven't rented, or not in a long time, who have no idea what the rental market is actually like.
Usually places in a really good location (eg. a nice suburb or closer to the city centre) are more expensive, but living further out will cost more in transport so that might even out. It's handy to be near public transport if possible. Good neighbours make or break a home but it's hard to tell what they're like until after you move in. You can try asking around.
It depends a bit on your lifestyle too. If you like going out clubbing and partying a lot you might like living closer to the pubs and clubs. If you prefer a quieter life or have to be at work early in the mornings you probably won't appreciate being woken at two am by a couple of drunk women singing at the top of their lungs while trying to get the key in the lock of the flat next door.
Sharehouses have their pluses and minuses. It's cheaper, and a good option if you're starting out and don't own much furniture. However you need to be able to get on with the people you live with and you need to all be on the same page when it comes to the distribution of chores like cooking and cleaning. It also helps if you all have a similar diet (eg. you're not the only non vegan or something).
You should think of it as somewhere perfect for you among others, not something you can't find a fault with. I doubt anyone of us can be totally happy with a house, even if it's a place you bought, and not rented.