The Merri Creek studio really is right next to Merri Creek, just under the railway bridge. You can hear and see the trains go by though we didn't find the noise troublesome at all. And it means that the train station is only a few minutes away, which is very convenient. And the tram is just up the road as well, so no shortage of public transport options.
The room itself is lovely. The bed is comfortable and the heater kept us warm. It was a very restful place to stay.