Not to give any false hope, but there was quite a bit of WL movement last year. I was on the waitlist last year (did not make it off sadly-had a later interview). but I did hear of/know a lot of people that got into MCG off of the waitlist last year. Again, this varies by year, but of note is that waitlist movement happened by date of interview last year. They essentially went through all the applicants on the waitlist from first interview to last interview and selected students in that order that they felt best replaced students who chose other colleges in terms of their backgrounds/personalities/stats, etc.
It can be crushing or exciting to be placed on the alternate list depending on who you are. The wait is going to be agonizingly long from this point onwards, but please continue to hold onto hope and continue to do what you have done because it will pay off in the long run-guaranteed.
I would also like to add that it is a good idea to go ahead and start looking for plans for the summer though just in case of the chance you do not make it off the list. Put the anxiety to good use-apply to jobs, research positions, etc. starting now because it is going to be really selective starting in May/June/July.
