We enjoyed our five-night stay. The location is very good...close enough to the city center without being right in the thick of it. Walking to both Toorak Road and Chapel Street was very easy and we could easily catch a tram on Chapel or walk a little further along Toorak to get to South Yarra Station for the train. Good restaurants nearby (hosts recommended Thirty-eight Chairs, an Italian place just off Chapel, which we thought was excellent).
We made use of the kitchen and refrigerator to have breakfast every morning and had dinner there, too on a couple of nights. By the time we got to Melbourne, we had been traveling for three weeks and only had one non-restaurant dinner, so we appreciated the chance to relax in the apartment in the evening.
The design of the unit is quite clever. It's really a studio apartment, but wood panels that rotate to allow access to or close off the bedroom create a separation between the bedroom and the living and kitchen area, so you have the feel of a true one-bedroom.
We would recommend this unit for a nice stay in Melbourne.