First suggestion Josh is a better subject line, you might get more readers with something a little more specific?
Best place to stay?
You will get change from $1.5k per night for a Villa at Crown Towers, and for a little more you can have a butler too.
but there might be better places around.
Melbourne is pretty good to get around on public transport so anywhere within a couple of kilometers from the CBD will be ok. Like most cities, the closer to the center you stay the easier it is to head out somewhere else (and the more it will cost to stay there!).
The hotels on St Kilda road often have special packages, and some of the city ones are good value if your timing is right.
Maybe work backwards... use wotif or one of those online hotel booking services to find something that appeals, is availalbe when you want to travel and is in your budget and then post the name of the hotel here so Melbourne CSrs can offer an opinion