ok,
vic rego can be from 400-480 depending on where you live. Country areas will have lower rego costs.
Vic rego includes CTP so you dont need to worry with that. As others said, all you need is a roadworthy, then head to your local vic roads office and they will take your old plates and give you new.
in regards to suburbs, I found living in south melbourne really good. 1.8km to the city so I could walk to work in the morning, right near city link, close to good food in st kilda, south yarra...
but then its not too cheap there. Also, I used to worry about my car leaving it on the street at night. I think your best bet would be to get something with a lock up garage. My mate who lives in a quite toorak street left his *cough* honda civic *cough* out in the street one night. Came out in the morning and it had been keyed along with every other car in the street.