Finding a house will be sooooo easy compared to finding a school place for your child. Well, putting it this way, if you're looking solely at international schools, especially at Hong Kong Island. ESF has huge waiting lists. I know children who are number 41 and over 100 at Bradbury ESF for various year levels. I have friends in Clearwater Bay who had to wait at least 1 1/2 years for the first place in CWB ESF (out of 3 spots they needed). It is quite bad and I don't envy anybody arriving with a (primary/elementary) school aged child looking for an international school spot.
The most popular schools are: HKIS (American), FIS (French), GSIS (German Swiss), CIS (Chinese International), ESF schools (QBS, Bradbury, Kennedy, Glenealy and Peak are on the island), Kellett (British School), Hong Kong Academy (now in Kennedy Town, moving to Sai Kung in 2013), CNDIS (Canadian), Singapore International, ISF, etc. Then there is KCIS, and possibly others I forgot to mention. A lot of schools follow the IB-curriculum these days.
Less popular schools on the island (but still busy) are: Harbour School, Delia School of Canada, Korean International. Options in Kowloon / New Territories are: Japanese International, Norwegian International, HLY International School, American International School (quite local though), Australian International School (also very popular, and a very different school calender).
Discovery Bay as recommended by pp has DBIS and DC but both schools are hugely oversubscribed as well (apparently DC has a $400k debenture right now that you can buy you a spot, is this right?!). Bradbury is the ESF catchment school for DB (as DC is private independent) on the Island but Bradbury is probably also the most popular one with huge waiting lists. A lot of schools sell debentures that can give you priority but even with priority it isn't always easy (so definitely worth to check with your husband's employer if they have any, especially if it's a larger company).
So, my message is ... schools first. Housing will be less of an issue. It completely depends on your budget. Southside has many options close to the beach between 30-40 minutes from Central but rents will be higher. Sai Kung / Clearwater Bay in the NT is close to beaches, but you have to travel to the island. Island East offers various child friendly options, but slightly further from the beach and more city living feel. Midlevels / Peak is also popular but same, city living, not that close to beaches, although beaches are never really far in Hong Kong.
There are local English medium schools (I would think Cantonese at this point, 7 years old, would be quite hard to catch up on; some people recommend local schools especially when children are still very young), but there are local English medium schools that may be easier to get into (some are also very very hard) but I don't have enough information on those, so hopefully somebody else can comment.
It sounds quite daunting, but you have to start calling schools ASAP as this will be your main issue. You can always live in a serviced apartment first and go from there, many people do this.