On previous visits to Sydney we have stayed in hotels close to Circular Quay. We weren't sure how convenient Chippendale would be, but decided to give it a go because there was a huge cost difference.
We absolutely loved the quirkiness of the apartment and would love to stay there again.
Once we got our bearings we realised that we were just a short stroll to Redfern Station and buses that took us to both Bondi and the Light Rail (& on to the Fish Market).
We also loved feeling more part of a community than you do when you're in a hotel room (walking through Redfern to the station, a frothy at "The Chippo", etc.
The apartment itself is fantastic but I think that its fair to say that you have to be reasonably sprightly to confidently access the loft bed.