We (family of 4) had a great stay in Melbourne and a big part of that was the location of Tim's place. It really is central to Melbourne and if you are going to the MCG a very easy stroll (we did the MCG tour with the sports museum and it was a highlight for all of us).
It's also a quick trip by tram to all the sights in Melbourne and was a great relaxing (quiet) place to stay after a long day walking around the city - the only downside (which we knew about) is the stairs to climb after a long day walking around the city ... but the view of the NYE fireworks was fantastic and was even better than the photo shown.
Thanks again Tim for a great place to stay.