While personally I think you'll find better street art wandering around Fitzroy and Collingwood, Hosier Lane remains the iconic street art site for visitors to Melbourne. Just off Hosier Lane is another crescent laneway, Rutledge Lane. Follow this pathway for more street art (even the dumpsters have been graffitied) before it joins back up with Hosier Lane. For a different perspective, you can also head into the neighbouring car park on Flinders Street - take the elevator up to level 6 for some cool views from above in the gaps between the safety screens.
Rutledge Ln, Melbourne VIC 3004, Australia