Have a look at South Yarra, Richmond, East Melbourne, Fitzroy, Collingwood, North Melbourne, Ascot Vale, all very easy distance to the city, West Melbourne, South Melbourne, Port Melbourne. Southbank, Docklands.
Look at Realestate.com.au for the rental prices should give you an idea. You can walk into the city from most of these areas and they are very popular with the young professionals
