If you would like to have a look on Ray White Southbank's website, it will give you a good indication of prices, the price is great as you save on transport costs and all the conveniences are right on your door! http://raywhitesouthbank.com.au/rent/property/
I rent in South Melbourne for 500 per week, two bedroom townhouse, it is very convenient, minutes from everything, Albert Park Lake included, saves lots of time especially when you sleep in the morning an extra hour before work) The drawback is the buildings in this area are very old unless it's an apartment and the density of the population is high because of professionals working in CBD.. Certainly for some period of time in life is fine, depends what are your priorities at the moment. And the neighbors next door are selling similar house for 850.