It will be tight in that salary but ok, as long as your wife starts working later. I have been told that is a good salary for a chef. Someone with about 10 years experience and a CV working with top restaurants does earn that.
You don't need to go that far out, if you look at a bit dated properties and units you can rent in places like South Yarra (2 bed) for about $400 a week, St Kilda, Balaclava, Elwood, Elsternwick, South Melbourne, Port Melbourne and even around Albert Park.
By the way Albert Park is a very nice suburb.