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I parked in the multistorey carpark next to the backpackers hostel a couple of weeks ago - seemed pretty reasonable to me...
To get there, turn left off William St, then right onto Bayswater Rd. Go past the nightclubs, then turn left at the first lights. Follow this for a couple of hundred metres, and the entrance to the carpark is a ramp going down on the left.
There should be big signs up pointing you in the right direction 
It cost me $13 for 4-6 hours I think, more than that was the $22 max rate overnight or something...
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