One Sydney Harbour is down to its last residences, and why new tax rules just changed the maths

AT A GLANCE: 

• Developer: Lendlease 
• Architect: Renzo Piano Building Workshop
• No. of Residences: 798
• Estimated Completion Date: Brand-new and ready to move into
• Awards: 
  • High Rise City Development Excellence Award 2025 from Urban Taskforce
  • The International Property Awards 2025: Residential Interior Apartment, Residential Development 20+ Units, Residential High Rise Architecture, and Sustainable Residential Development for Australia 
  • UDIA Award for Excellence and Gold in the BETTER Future World Design Awards in 2024

There’s a growing assumption doing the rounds that One Sydney Harbour is sold out. It’s an easy conclusion to reach. Construction wrapped some time ago, residents have settled in, and resale listings for the Renzo Piano-designed towers have started appearing on the market as early buyers move on.

But the assumption isn’t quite right. A small number of residences at One Sydney Harbour are still available for the first time: brand new, never lived in, and released directly rather than passed on.

The last of the brand new Renzo Piano-designed homes

Enquiries have stayed steady even as the pool of available homes has shrunk. What’s changed is the mix: increasingly, buyers are choosing between a resale and one of the last untouched one-, two-, or three-bedroom residences within the Harbour or Signature Collections. Many are surprised there’s still a difference to weigh up at all.

It’s also worth remembering just how rare this design pedigree is in Sydney. One Sydney Harbour is the only residential development in Australia designed by Pritzker Prize-winning architect Renzo Piano, whose five-decade career includes The Shard in London, the New York Times Building, and the Centre Georges Pompidou in Paris. The three crystalline towers were shaped around light and water, with dynamic glass façades that shift in reflectivity through the day and an Open Cavity Facade system, similar to the one used on The Shard, that lets residents manage natural ventilation, sunlight, and acoustic comfort within their own home.

That’s part of what’s at stake: the chance to be the first to live in a Renzo Piano building that will likely never be repeated on this iconic harbour.

“There’s a common misconception that because people are now living here, the opportunity has passed,” said Nick Yacoel, general manager of strategic sales at Lendlease.

“The reality is we still have a small number of brand-new residences available, and once they’re gone, they won’t come back. Everything after this is resale.”

Why brand new matters more this time

That distinction has taken on new weight since the 2026-27 Federal Budget. Under the changes, negative gearing on established residential property purchased after 7.30 pm on 12 May 2026 will be restricted from 1 July 2027, with rental losses quarantined rather than offset against other income. New builds are exempt from the change, retaining full access to negative gearing and the existing capital gains tax treatment.

In practice, that means the tax treatment available to a buyer of one of the last new residences at One Sydney Harbour may differ materially from a buyer of the exact same floorplan two floors down, bought as a resale. It’s a distinction worth understanding before signing anything, and buyers should seek independent financial or tax advice specific to their circumstances, given how new and detailed these rules are.

“We’re seeing investors pay much closer attention to the difference between new and established stock than they were a year ago,” Nick said.

“For the residences we have left, that’s translating into real interest.”

A precinct at its peak

The other shift is around the building’s doorstep. Barangaroo South has spent years as a work in progress – hoardings, staged openings, unfinished corners. That’s no longer the case. Hickson Park is complete, the precinct’s final piece of public art was unveiled at Watermans Cove in July, and the last hoardings have come down. What was a construction zone is now simply a neighbourhood, with the daily rhythm of harbourside dining, ferries, and foot traffic that only comes once a place has properly settled in.

For residents, that shift is truly felt. The amenity offer inside the building, including indoor and outdoor pools, spa, sauna, gym, private dining rooms, and an elegant residents’ lounge, continues to be one of the things that catches buyers’ attention, even those who have done their research beforehand.

Complete with exclusive resident access to a luxury EV carshare program with Porsche, it’s a lifestyle rarely given, and it’s almost gone.

What’s left

With only a handful of brand-new residences remaining across the three towers, One Sydney Harbour is entering its final chapter as a new development.

Prices start from $1.695 million for a one-bedroom, one-bath home in the Watermans Residences. Two- and three-bedroom residences are available as well.

Click here to learn more or to enquire about One Sydney Harbour.

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The eligibility criteria for newly constructed homes under the proposed negative gearing rules are still to be formally defined. Current information suggests the category will apply to homes that have not previously been sold or occupied. This reflects the information available at the time of publication and may change. Readers should seek independent advice about their individual circumstances.