Is Underbelly accurate?

I’m particularly asking any Melbournian Flutherites whether you know if Underbelly is an accurate portrayal of the events that went on.
I’m wondering mainly not whether the events themselves are accurate, but is the general feel of the show accurate? Are the different Melbourne communities portrayed accurately?

If you’re from one particular social group or another, your answers would help a lot for comparison.

Thanks in advance for helping me with my English assignment!