Malcolm Turnbull will today become Australia's 29th Prime Minister after ousting Tony Abbott last night in a Liberal party leadership spill, and while the move is certainly a career promotion, it's a downgrade house-wise from his waterfront Sydney mansion to The Lodge. 

Turnbull has been a savvy investor in Sydney real estate, purchasing his Point Piper mansion in 1994 for $5,425,000 after selling a Paddington home for a then suburb record of $2 million. In 1999, Turnbull and his wife Lucy then purchased the home next door to them for $7.1 million, which allowed them to expand their waterfrontage before redeveloping the second home into a duplex which they sold for $13.6 million in 2011. 

Tony Abbott never made use of the official Prime Minister's Canberra residence, The Lodge, which has been undergoing renovations commissioned under the former Labor government. Interior works as part of $8.8 million renovations were completed in August. Abbott has been staying in a $110-a-night room at the Australian Federal Police College in Barton while in Canberra.