Magnums is located in the centre of Airlie Beach and is within walking distance to all bars, restaurants, and the waterfront.
The private cabins at the back of Magnums are set far enough back to avoid the noise of the (unrelated) Magnums Hotel (pub) next door. Note that some cabins are not located at the back of Magnums Accommodation so request a cabin at the back of the facility. Private cabins are only serviced on night 4 if staying 7 nights or longer.
The shared dormitories are located closer to the main street and are exposed to more noise.
Relevant to staying in private queen cabin: For the cost, the location and stay are what you would expect. Mini fridge, kettle, air conditioning (very good) are the main conveniences. The room is clean. The bed is ok but a bit too soft. The shower head was the one real gripe I had with this room as it provides very high pressure (uncomfortable, like needles on your skin) for very low flow rate.
If looking to stay in Airlie Beach, be aware that many places are located up on the hill. Magnums is located very centrally in the flat part of town.