If you are looking for overnight accommodation on race weekend, then you may wish to consider the following:
Albert Park is located in the heart of the city of Melbourne, close to Port Phillip Bay. Melbourne Tullamarine Airport hosts both domestic and international flights and is located about 22km north-west of the city centre. International visitors may find it necessary to fly via Sydney Airport.
Melbourne is a large city with a range of accommodation options to suit different budgets. The circuit's convenient location and good transport links means you don't have to worry so much about where you choose your accommodation, if you plan ahead. If you want ultimate convenience then look for accommodation around the south Central Business District for the trams or Southbank and South Melbourne if you want to walk/taxi.
St Kilda is another great area to stay during the Grand Prix weekend, located just 20 minutes away from the CBD (Central Business District), it offers some lovely boutique B&Bs, award-winning backpacker hostels, contemporary hotels, traditional pubs, and studios or penthouses to rent; so there is something for all styles and budgets, just a stone throw's away from the beach.
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The interactive map below shows the location of Albert Park Circuit. Use the controls to view the circuit as a traditional map or as satellite images, move around, and zoom in and out.