Depends on the kind of network you want.
Personally I'm very lazy, so I just make a virtual bridge and force QEMU to use it for everything; putting all my VMs on my local network.
I totally understand that not everyone can do this, which is why I asked the question, I'd be interested in exploring how you would prefer the network topology to look like.
Having a virtual network on a machine would mean having a dns/dhcp server (I think dnsmasq can actually do both by itself) for ease of use, but I think I could give you a 5 line bash script that could do basically what you want easily, depending on what it is you want.
The normal "internal" network topology ends up giving you an outbound NAT to the local network (to, eventually, get onto the internet) which, I personally really dislike.