A good night's sleep is how I usually rate a place and despite being located next to a very busy intersection with trams, I surprisingly slept really well for three nights. The hosts thoughtfully provide ear plugs which I really appreciate.
Details I liked included the decor, the smeg kitchen, good kitchen supplies, a proper fridge, ecocare bath and kitchen supplies, apple TV, a decent couch and cosy blanket, decent fluffy towels, washing machine and dryer, and of course a really good bed.
Location is really good too and makes up for the noise. You're right next to Coles for food and drink supplies, and trendy restaurants away from the CBD crowds. Nice long stroll to the botanical gardens too that takes you on an interesting route through other urban parks, the stadium where you can walk closely when the rugby team is practising and over the Yarra River where people may be rowing ala Oxford style (go in the morning).
I would book another stay here if I'm back in Melb because of the amenities provided.