This week the Reserve Bank has warned investors that speculative purchases risk being hit by significant price falls down the track.

It has emerged that the three-bedroom investment apartment was purchased last August within two weeks of the couple settling on the sale of their former five-bedroom home in Fairlight.

Records show it is now leased for $900 a week.

The Bairds now lease a contemporary four-bedroom home with ocean views in North Curl Curl.

If Mr Baird held any fears that by selling his former home he might be priced out of Sydney real estate, the investment purchase may have been viewed as an ideal way to secure a toe-hold in the market.

When contacted about the purchase by Domain, a spokesman said the Premier had no comment, and added the following one-line statement: "Like all MPs, the Premier will be updating his entry in the Pecuniary Interests Register by 31 March."

Kerryn Baird's investment apartment on Queenscliff's Pavilion Street was purchased in a company name after only six days on the market for $912,600 through Like Newby, of Red Property.

An advertisement at the time of the sales campaign describes the garden apartment as having a CaesarStone kitchen, bamboo flooring, internal laundry and plantation shutters and all set on the whole ground floor of a block of three.

The Bairds sold their Fairlight home on Edwin Street last April for $1.95 million, having owned it since 2007 when they bought it for $1.2 million.

It was an opportune year in which to sell. Domain Group data shows Fairlight's median house price rose 13.9 per cent last year to a median of $1,413,000.

When the couple bought that Fairlight home, they sold their former home in North Manly for $1.52 million.

Meanwhile, records show Opposition Leader Luke Foley is a Concord West local, where he and his wife Edel McKenna bought their three-bedroom California bungalow in 2006 for $685,000. Records indicate it was a first-home purchase for both of them.