in clayton as such or on the monash clayton campus?
accomodation (and living expenses) in melbourne, and particularly clayton are comparatively low whereas accomodation on campus will set you back at least 200 dollars a week taking into account expenses for food and toiletries (i.e. the very minimum required for survival). For medical students the most popular accomodation is Mannix College (kezmedfcuk is from there so ask him/her about it) but the environment there is mainly local students, whereas in the halls of residence there are proportionally more international students. I think it would be best for you to consult the accomodation information at
www.monash.edu.au to come to an informed decision.
I personally live in Clayton. I don't recommend it because its a very boring place and far removed from the city but on the flipside it's a good environment for studying if you're so inclined! If you're highly independent I definitely recommend living in private accomodation (i.e. rent a share house with friends or rent a room in a share house) because of better living conditions and lesser expenses involved.