While there are certainly a few problems, for the price it is absolutely 5 stars.
The location is great. Really close to a couple of highways, a bus stop and a train station, easy to get anywhere in Perth, but the location itself is nice and quiet.
Air con works great in the living areas, the shower is fantastic and the hot water is so hot it's scalding (too hot to be honest). Lots of plants inside, which I like and plenty of space. The Nespresso machine works well and there's plenty of crockery in the kitchen.
Problems are minor, but there. The reno is kind of crappy. The hand soap was empty and no tea towels (we ended up buying some). The air con doesn't extend into the bedrooms, although they do have fans. Mostly not a problem, but on those SUPER hot Perth nights you get sometimes the fans just weren't enough. The bed is absurdly soft as are most of the pillows, which I didn't find comfortable.
Overall, it's a budget apartment, but outstanding value and worth 5 stars