Dragon: Are You Old Enough (1978) — around Brunswick Street, Fitzroy, including the now-gone behaviour of riding the running board on a tram, and a Silvertop taxi back when they really did have a silver top.
John Paul Young: Yesterday’s Hero (1975) — around Swanston Street
Paul Kelly: Leaps and Bounds — mostly the Nylex sign, of course
Everyone knows this one… AC/DC: It’s A Long Way To The Top (1975) — Swanston Street again
More recent… The Living End: All
Town Torn Down (1998) — various spots, including Citylink and Parliament station
What others are out there?
Suggested by Scott: Skyhooks — This is my City (1976) (sorry, can’t embed)
And of course I should have thought of this obvious one: The Whitlams — Melbourne (1997):