I stayed with my partner and twin 2-year-olds. The location is great - we walked to the Cultural Precinct and Streets Beach, plenty of places to eat nearby and a small Woolies Metro about 5 minutes away. The apartment was spacious and comfortable. I would have liked the cot fee to be more reasonable for longer stays (we were there a week, with 2 kids, so we had to bring our own).
We were on the 3rd floor, at eye level with the passing train line which was about 5m from our window. The sound-proofing was excellent, and it amused the toddlers, but we had to keep the windows shut all the time. The lack of exhaust fans in the bathrooms and laundry meant the place tended to get very stuffy and it was difficult to dry our towels and swimmers. No bathtub in either bathroom. The sliding door to the master bedroom didn't have a latch or lock for privacy.
The kitchen was really disappointing. We stayed specifically because we wanted kitchen facilities travelling with kids. There's an oven, no oven trays. No dish drying rack to hand wash kid things. You're provided a single use (plastic) packet of dishwashing liquid although reception was happy to provide more on request. The only frypan was not flat so it didn't heat evenly and the handle was loose. There is a recycling area downstairs but no bin in the room to collect recyclables.
I wouldn't stay here again with toddlers, but with older kids or adults it'd be fine. It could be great with a little attention to detail.