This pretty, tiny little harbourside suburb is a particularly high-density inner city enclave gazing across a picturesque bay. Made up primarily of apartments of a variety of eras, it?s home to one of Sydney?s most expensive properties, ?Boomerang?, one of the few freestanding residences gracing the suburb.

Elizabeth Bay was named in honour of Governor Lachlan Macquarie?s wife, Elizabeth. The area was originally known by the Aboriginal name 'Yarrandabby' and what is now Macleay Point was 'Jerrewon'.[1]

Alexander Macleay (1767?1848), the Colonial Secretary of New South Wales, was granted 54 acres (220,000 m2) here in 1828. He commissioned architect John Verge (1788?1861) to build Elizabeth Bay House, a Regency style home that was completed in 1837.

Source: http://en.wikipedia.org/wiki/Elizabeth_Bay,_New_South_Wales