Then no, it's not urban 'cool' or anything like Fitzroy (I've lived in both).
Not sure what 'grungy' means but it's a great suburb to live in. A real mix of people but being in a heritage overlay there's fantastic history and old houses that have been renovated tastefully.
Grungy in this context - urban ‘cool’, not too overly-decorated, perhaps some graffiti, genuine pubs. Basically, Fitzroy.