It has been many decades since I dived in Victorian waters however I doubt that the water temps would have changed, so back in my younger years diving the bay and the back beaches around Rye, we used to used 3/16" chemical blown neoprene which was better than nothing but we still would get very chilled after diving for a few hours, later on the better quality neoprene came out and I went with a 1/4" lined suit, and comparing the two was like chalk and cheese in the warmth department. With that one I could actually dive in the middle of winter and not come out like an icicle, although parts of my face would still be frozen and the first stream of water running down the back inside the suit was a shocker.
Nowadays I think that they are about 7mm and the design, materials and construction has significantly improved since the old days, however if I were to buy one today for diving in Victoria, I would be looking for a good fitting hooded suit with good seals and knee pads. Yes they are more money but they are worth their weight in gold if diving through out the year. Provided they are well designed they shouldn't restrict your movements too much and as for the extra buoyancy just wack on a bit more lead to your belt. You probably wont do much swimming in them but when diving you mainly use your legs anyway. Don't go cheap on a good wetsuit, it will probably be the best and most important investment you can make for cold water diving/snorkeling and should last you a very long time.
Cheers
Ed.