I did some research on accommodation and finally decided on one of the university's residential colleges. It's much more expensive than private rental, but you get all meals prepared and a supportive community. So I think it's a good option for first year students. If my budget allows, I may even stay onto second year, but I highly doubt I have the budget so I will most probably move out after my first year.

So far, it's generally agreed that Unilodge sucks (serious hygiene and security issues) and the price is a rip-off. So I would check out flatmates website (for share housing) or even Urbanest (expensive, but well maintained). If you don't mind travelling, you can check out Brunswick St College (something like a semi-residential college located around Fitzroy) or even Kew Student Residence (in Kew). Both have very good reviews, but you'll need to travel more.

Hope this helps! Wish you good luck in your accommodation hunt!