We pay 400 a week for a huge 4 bed plus large study ( We use as DDs playroom), separate family and dining, theatre room, outdoor deck and small yard ( big enough to fit swing set and trampoline but not much else). We are 25k from Melbourne CBD in a suburb that has everything we need ( schools, DRs, large shopping centres etc). It's way cheaper than where we were in Canberra. 400 would get you a 2 bed townhouse in Canberra.
One of the reasons we picked Melbourne when looking to move was the rental and property prices were low compared to other cities but employment opportunities are high. Adelaide seemed cheaper but less employment opportunities an higher unemployment rate.
We don't want to buy again anytime in the next few years as we like the flexibility renting has if we want to move or change our lifestyle. Plus we want to have much more money than just the 10% deposit to contribute before buying again in order to get a smaller loan and pay less interest. We can put more savings away at the moment renting than the principle amount that was being paid off our mortgage.