I woulodn't live there in a fit. I'd live in all the other states' capitals, &the mainland territories' capitals, before I would live in Melbourne.
Lived there all my life except for the last few years. Love the place, but it comes down to what you want. As Chloe mentioned plus sport. There is something for everyone. Sport, culture, food, weather!! If you don't like the weather, wait 5 minutes. I'm considering moving back as my partner who hails from Sydney originally is keen to spend a few years there for all the reasons mentioned.
It's very multicultural and full of art and every food you can think of and it's a beautiful place. You get Summer, Autumn, Winter and Spring all in one day.
Its as good or better than any other city in the world with a population over 4 million and no city of that size is especially livable when your in the far flung suburbs and having to commute hours each do on public transport.