The University of Melbourne is an Australian public university located in Melbourne, Victoria. Founded in 1853, it is Australia's second oldest university and the oldest in Victoria. Commonly considered to be Australia's most prestigious university, Melbourne is ranked as Australia's best university by Times Higher Education, Academic Ranking of World Universities and National Taiwan University Rankings. Times Higher Education ranks Melbourne as 34th in the world, while the QS World University Rankings places Melbourne 31st in the world.Melbourne's main campus is located in Parkville, an inner suburb north of the Melbourne central business district, with several other campuses located across Victoria. Melbourne is a sandstone university and a member of the Group of Eight, Universitas 21 and the Association of Pacific Rim Universities. Since 1872 various residential colleges have become affiliated with the university. There are 12 colleges located on the main campus and in nearby suburbs offering academic, sporting and cultural programs alongside accommodation for Melbourne students and faculty.