The location was perfect for us. The house is on a very quiet street, yet very close to downtown. We were able to do a day trip to the Great Ocean Drive. There are many restaurants within walking distance. The Mozzarella Bar and the Alfa are both terrific.
The only small issue we as an outdoor winter family had to adjust to was the time it took for the two smaller bedrooms to heat up. However, we were there during the height of the Australian winter, so it may not affect you much at all.
Overall, a wonderful stay. I would highly recommend.