Well, most financial services jobs are in Sydney. There are a few actuarial consulting firms in Melbourne and a few large insurers. They give preference to Melb uni students (I think) and if your top 10-15 ish (for ppl who wanna get an actuarial job, i.e. not IB or Management Consulting) in your class in terms of all round ability (marks, work exp, interpersonal skills), you will prob get a job. Graduating with Part 2s will improve your chances.
However, you should keep in mind that an actuarial studies graduate is employable across a range of areas, because of your quant skills. Anyway, Sydney isn't that bad, by the end of your degree you will prob wanna move anyway, lol!