Set in a grand 19th-century house in a peaceful Kirribilli location very close to the ferry (or a pleasant stroll to the city across the bridge), this lodge offers excellent Sydney value for modern rooms, mostly sharing gym-style bathrooms. It's a sizeable, slightly chaotically-run complex with a kitchen-cafe and garden with playground. If you book direct, breakfast is included.
The location is lovely, and the PM's Sydney residence is just at the end of the street. Prices vary widely by the day; check the website. Saturdays are significantly more expensive.