Hi Scope, it will be good to meet you and hear news of Chch where I lived for seven years in the 80's, and where I learned to windsurf.
Where you live will partly depend upon budget, unless you have really deep pockets. As mentioned, bayside is beautiful and makes for easy and quick access to bay windsurfing before, after work etc, but is sought after and pricey. But being into speed then access to getting out of Melb quickly to the east - to Sandy Point (aka Mecca

) is important. The Monash freeway is a good artery out except at evening peak times, so if you aren't too far from it then you should be able to make the Pit in a bit over 2 hrs. (I can usually do it in 2 hrs flat from Burwood).
Traffic in Melbourne is a nightmare and you wouldn't want to drive into the CBD each day so figure being near a train or tram line or good bike paths. Are you buying or renting? Renting in Melb is really tight and getting very expensive. Expect to be lining up with 30 others or more for rental viewings. For buying near the bay you will need very deep pockets indeed!