I have thought about often because I grew up in Mel but have moved to the country - and I absolutely love, love, love it and hope I never have to move from here. It's my dream location!! Aside from moving a bit closer to the beach and into a nice house the area is awesome and I wouldn't change a thing.
But, I think what the hell would I do if I did want to live in Mel (or god forbit Sydney or Perth?!?!). I couldn't afford to live in the area I wanted to live in. I would have move to the outter burbs for a house or get a really small apartment closer to in. I could not afford a house within 15km of city thats for sure.
At most I could probably afford to rent and I think I would be tempted to pick that over the outer burbs.
Anyway, I end up like thinking about it and in the end I just thank my lucky stars I like living somewhere affordable.