Cheapest accomodation option for international student?

I'm applying for a Masters degree next year (Parkville campus). When I was an undergrad at UQ, the cheapest option was to rent a room in a house close to campus (10 min walking distance). Since I was in a suburb quite far from the city, it was a very viable option at $200 per week, not including other bills. The other bills are spilt among 5 people so it was quite cheap. I was also able to save transportation cost since I walk to the campus.

Before renting a room, I lived in a residential college for 1.5 years but it was quite expensive. I went there to experience how it feels like living in a college. For my masters, I'd prefer the cheaper option.

How is it in the Parkville campus?