We stayed on a thursday night and there was loud music until midnight, rubbish collection at about 4am and traffic from 6am. We had a 6 month old with us and settling her with the loud music was very difficult - probably not the best place for babes.
But - the apartment was clean and tidy, the beds were comfy and the host was friendly - awesome Italian food at Capital, downstairs and Born in Brunswick was a yummy brunch the next day. Good location for access to Hobart's delights :)