I don't think the apartment is suitable for a longer stay: the kitchen is too small to prepare meals, and there's no table on which to eat them. Though there are fixtures, and it would therefore be possible to have a small washing machine, unfortunately there is none. I noticed that the wash basin needs unclogging. On my last day, when I had a shower, the hot water tap disengaged: easily fixed, I am sure, but it speaks to the somewhat dated nature of the bathroom (and toilet).
On the plus side: the bed is very good. And there are good transport connections nearby.
Balaclava has quite a few inexpensive eateries but if you are into brunch mornings or clubbing, the nearest destination is Prahran, just down the road. And you are not too far way from St Kilda and the beaches along the coast.
All in all, not a bad place to stay for a short vacation or visit.