Our family of 5 including a toddler had a wonderful stay. Ed and family were really friendly and helpful in the lead up to our trip and during.
I can see that the stairs might be a bit hairy for a younger child but we coped with no problems.
The house has everything you need and more. The location is very cool and has lots of incredible places to eat on Smith Street.
Highly recommend the Fitzroy Pool (we'd call it a lido in the UK) which is within walking distance.
Can't wait to visit Melbourne again.