Compared to where? I'm originally from St. Louis, MO and I laugh at folks who say Victoria Street in Richmond is unsafe. Pish posh. It's perfectly safe. I've lived here in Richmond for almost three years (very near Victoria St) and am quite confident to walk or ride my bike home at night by myself or with my daughter who is 2 years old (I can't say the same about StL where I was mugged a block from my house at 9 pm). Just be smart, be aware and don't be naive, it's safe but it is still a big city--while there isn't much crime in Melbourne in general, no one is immune. So to sum it up in one sentence: Richmond is quite safe and a lovely place to live! Hooray!
I live opposite the MCG and feel perfectly safe walking around at night as a female in my mid 20s. The thing I like about it, compared the eastern suburbs where I was originally from (Ferntree Gully) is that it always feels like there are people around, even if you can't see any, which makes me feel safe enough to wander down to Maccas or Coles even around midnight. As others have said, just be alert, but that's true anywhere.