Very centralised. Cafés and restaurants are around the corner. Everywhere seems walkable. If you would like to take some day tours to the wineries in Yarra Valley, or the Great Ocean Road or Phillip Island to see some penguins, I suggest you go for GoWest Tours- and ask for pick up at Rendezvous Hotel. (Which is 3 mins walk from Luke's house).
Luke was understanding, friendly and warm when we were late for check in. Showed us around the house- which was clean and cosy too. It is directly opposite flinders station, so you can take the train to anywhere you'd like. It's only 1 train stop away from SouthernCross Station- where you can take Skybus to and from the airport.
There are 24 hour fast food joints around the corner- should you need to buy food late night, there's always an option. (Since most shops close early in Australia).
Hope these pointers help you Travellers out there!