In short, you can do better in Melbourne.
My friend and I stayed here for 5 days, and while the location and price are good, the apartment itself is very poor quality.
The bed, bed linen and lack of blankets made for a very poor nights sleep. The shower had black mould, a broken toilet roll holder and not enough toilet paper upon check-in (1 roll between two people for 5 days!). The apartment itself is also significantly smaller in person, and there is a foul, pungent smell throughout the hallways. Overall, a really low quality place.
Check-in and interaction with the concierge was not good. For instance, asking for more toilet paper was uncomfortable and difficult to do.
Bottom line, if you're coming to Melbourne for a weekend or so, either spend the cash for a nicer place in the city, or head just out of the city for a better quality place.