Stop searching AirBnb and book this place. You won't regret it.
I stayed 2 months. The apartment is near-new, spotless and clean, and has premium finishes throughout. I loved the polished floors, European appliances and and tasteful decorating. Nina and Brian are ideal hosts and there were lots of little extras you won't find in other AirBnbs - thoughtful things like kitchen and laundry utensils and consumables that you'd have at home but wouldn't ever find in a hotel or serviced apartment.
The location is FANTASTIC - you will have the best of the restaurants, cafes, bookshops and bars on Lygon St as well as Cinema Nova and Woolworths supermarket within 1 minute walk. You can also jump on a tram into the city or walk one block to Melbourne University. The place is relatively quiet given you are in the city, but you might hear some noise from the upstairs apartment or on a weekend from a new and popular rooftop bar nearby. I think Nina is making some changes that might reduce the noise further but it is already quite good for this close to the CBD.
As this was a long term stay for me I was travelling with a lot of possessions - the apartment is quite small (perhaps only around 40-45sqm) so I wouldn't recommend it if you need a lot of space. There was a small outdoor courtyard which was good for hanging clothes and something you won't see in most CBD apartments. Despite the space limitations - there is abundant storage including a large locked area under the stairs. It was also much better than a small studio/1 bedroom with separate lockable bedroom and living room allowing privacy. I also really liked the clever architectural design and use of skylights to keep the apartment bright during the day.
All in all this is an A+ and great value.