Southbank works because it already had infrastructure around it to attract people to the area. There's the Exhibition building, Crown, NGV, Hamer Hall, the Victorian Arts Centre and it's next to the Alexandra Gardens, which is a great place. It's a place for culture. I dunno about the South Wharf, I've never heard many people crowing about it.
Things like Crown and Jeff's Shed weren't built until AFTER Southbank was developed. You had the Arts Centre and that was it. Driving along the old Yarrabank Road, the area was full of run-down warehouses, used car yards, and decaying old docks (around South Wharf). I am old enough to remember that Southbank was far from universally accepted at first....."just the stupid casino and some dumb American-ised apartments!". Basically, it was the Docklands of the 90s.
Docklands has its problems, but it is a VAST improvement on having hundreds of rusting railway tracks and deserted docklands on the doorstep of the CBD. In time, it will be accepted the same way Southbank was.