I can highly recommend staying with Troy in Yarraville. A stylish home with great facilities and brilliant location. The train station is yards away providing access to Melbourne CBD in 10 to 15 minutes.
Yarraville itself is a vibrant wee place, full of charming eateries and shops.
Check out the vegetable market in neighbouring Footscray for a real treat!
Troy is a lovely guy and very accommodating as well. A great find if you want to escape the madness of CBD but still have lots to do.