We had reserved the Central Station Hotel, but while we were travelling we were notified by email that our choice was under renovation and Central Railway Hotel was suggested as a substitution. It worked out great for us!
Upon arrival we asked about and were upgraded to a ground floor room (wonderful as they have no lift and we had 2 50lb suitcases) and to a king bed (we had reserved a cheaper room with twin beds), no extra charge!, were we very lucky! Plus the excellent frig/micro kitchenette equipped with necessary tableware was perfect. We were set for our week long stay in Sydney.
It was a 7 minute walk to the Central Station local train stop; we used the train every day, usually to Circular Quay (3 stops), so we were at the quay are in 20 minutes or less from our room, all for a price that was affordable compared to hotels closer in. We used a grocery store about a 5-7 minute walk and got stocked up with the basics. The WiFi was free, such a treat for travelers, although it would go out sometimes in the evening, the staff were usually very helpful in getting it re-established.