In our part of the street, there is a 2-hour limit (unless you have a permit). It depends on which side of the street you're on whether this applies on Saturday mornings (remember, shops used to close at midday on Saturdays!)
Around one corner, there are no restrictions. Down another side street, there is one hour parking for a distance, then it's permit-only, 7 days a week.
Why do the restrictions vary within the space of a few metres (especially the transition to "permit only")? Is there some grand plan behind all this? If there is, it isn't apparent to anyone who lives here. The only answer to this that I can think of is that the restrictions depend on the policy-whim of the council at the time they were first imposed.
I accept that parking restrictions, unfortunately, have become inevitable in the area. We are fortunate to have a park and tennis courts nearby, but these seem to be used by an increasing number of people, many of whom come by car. There's a kiosk at the park, and not so long ago the old milk bar re-opened as a trendy coffee-shop. These all attract people. In particular, the new coffee shop seems to have a group of customers who call in each morning for a takeaway coffee to drink in their cars. Hence, it can be difficult to find a space at certain times of the day (sometimes before 9 am - when the timed restrictions start!).
Moreover, I suspect that if parking was unrestricted, we would have cars belonging to residents of the blocks of new "apartments" (well, many are "studios") that are being built in nearby High Street with the blessing of VCAT with virtually no parking (supposedly the occupants and their visitors will use public transport or bikes!)