One of the best located places we have stayed - even has a cafe downstairs with great coffee! The market is a few mins walk, as are two great supermarkets. South Melbourne beach is a short tram ride and has the best playground we've ever come across.
The apartment itself is pretty well equipped with everything you'd need. We stayed for two weeks over Christmas and have no complaints. The 2 bedrooms are decent size and the beds were very comfy. The outdoors area was a bonus, our toddler loved it! The TV has netflix which was handy, and the shower was excellent.