Great apartment in a quiet neighborhood. The apartment will work well for a family or 2 couples. The kitchen is well equipped even for a small dinner party, the furniture is comfortable (as my father proved by napping a few times) and overall the apartment is very quiet. The beds are excellent. The non-master bedroom is by the common hallway so a little noise (I'm very sensitive to noise).
There are a couple of eating/drinking places plus a small grocery store literally just around the corner.
There is a tram stop within a block and the grocery store has the needed transit cards. Service is frequent and even runs all night on weekends. A tip, the older trams (#12 line) have digital signs and announce the stops; great for when you are new to the area.
The apartment is less than a kilometer to the edge of the CBD and the massive number of eating and relaxing places there. Since the tram charges $4.10 for the ten minute ride to edge of CBD (where trams become free), it is either an incentive to walk or frustrating to have to pay full fare for such a short distance --- not that the hosts have any control here.
Also the MCG and Olympic Park is within 2 kilometers --- check out the listing of concerts too. Also Collinwood and Fitzroy are walkable and have many eating/drinking choices.