After spending one night in the city centre and checking out a meetup for drinks at a local bar, I spent the rest of my time staying in the St. Kilda area, which I had heard good things about.
As one person described the area, "It is where the rich people come to act poor." Basically the area is a very eclectic crowd and if I could compare it to anything, it'd be Venice Beach in California. Now while the neighborhood crowd wasn't necessarily my cup of tea, it was cool to put myself in a different environment. Plus at the hostel I stayed in, I met a couple pretty cool people.