I spent 12 days at this beautiful Terrace House commuting daily to Monash University. The location is very convenient, right by the train tracks. I could get to the University by public transport in about 25 minutes. The trains themselves are quiet and I never noticed them when staying in the house. More often, though I biked on the incredible bike paths Melbourne has.
There are lots of great restaurants nearby if you want to eat out or food stores if you want to cook in. (I hosted barbecue for 8 while I was there, and there was plenty of room and cooking supplies.
I highly recommend this place.