The leasehold title was for a period of 99 years 9 months, of an area of 2 acres 13 perches, with an annual rental set at A£52 for the duration of the lease.

After a short period as a member of the New South Wales Legislative Assembly between 1864 and 1868, in 1873 White bought Cranbrook (which was built for Robert Tooth in 1859), directly opposite Fairwater.

[1] In March 1882, Francis Edward Joseph purchased the leasehold title from James White for the sum of A£500 (plus the annual rental of A£52).

[1] Fairwater was constructed for Joseph in 1882 to a design by arguably the most original architect to practice in Australia in the last quarter of the nineteenth century – John Horbury Hunt (1838–1904).

Closely affiliated with the Bishop of Armidale and Grafton, and the White family of pastoralists, Hunt's work is particularly evident in New England and the Hunter Valley.

[3] Also in 1987 their son, Warwick Fairfax privatised the publicly-listed media company, only for it to collapse (in a major stockmarket downturn) three years later.

She had lived at Fairwater since 1968, where she conducted a salon where guests were able to admire the art works of Rodin, Epstein, Dobell and Degas.

[2] For nearly 60 years, Lady Fairfax had an impact on the social, artistic, philanthropic, political and cultural life of not just Sydney, but the entire country.

[8][9][10] Fairwater is set on 8,000 square metres (86,000 sq ft) facing Sydney Harbour and in 2017 had an estimated value of approximately A$100 million.

It does however retain a large area, with extensive lawns towards the harbour and a number of mature and fine specimens of native and exotic trees such as a Bunya Pine (Araucaria bidwillii), Port Jackson figs (Ficus rubiginosa), silky oaks (Grevillea robusta), camphor laurels (Cinnamomum camphora) and jacarandas (J.mimosifolia), which are indicative of earlier phases of occupation from, conceivably, the 1870s.

[1][3][12] The property contains a particularly fine specimen of twin-trunked Bunya pine and an unusually large Southern/evergreen magnolia of note in the lower rear garden to the beach.

The intertwined and entangled canopies of all these trees form a closed and wild woodland garden of great aesthetic appeal.

The lush green foliage of these trees continues a general theme throughout the harbourside suburbs and their position and size make them visually significant from the harbour, local environs and particularly on the approaches along New South Head Road.

These gables are the work of Manson and Pickering, architects, c. 1910–11 and are in the Federation Arts and Crafts style embellishing Hunt's simple form by a series of projecting bay windows, and balconies.

Individual elements of note are the stained glass picture windows of 1882, chimney-pieces, door furniture, a painted ceiling of 1882, and mosaic floor of 1882.

[1] Of high integrity as a large family residence which at its core is John Horbury Hunt's simple, but avant-garde design, embellished by the Manson and Pickering alterations.

The property is of rare historic, aesthetic, social and scientific significance in consideration of its continuing association with the Fairfax family, and as a large late-nineteenth century residence (with Edwardian era additions), of high integrity, designed by John Horbury Hunt.

Fairwater is of historical significance in consideration of its long association with the Australian publishing family company founded by John Fairfax in 1841, whose descendants have lived in the house since c. 1901 to the present.

It is also historically significant for it association with the Joseph family of merchants who built the house in 1882, and the architect they employed to build it – John Horbury Hunt.

[1][3] The place is important in demonstrating aesthetic characteristics and/or a high degree of creative or technical achievement in New South Wales.

The exterior includes excellent examples of face brick work with rusticated sandstone details, while the interior retains period finishes and fittings such as stained glass picture windows, painted ceiling, decorative mosaic floor, door leafs and door furniture, panelled walls, and chimney-pieces which are now rare in consideration of their integrity and quality.

The grounds contain an extensive system of sandstone retaining walls which is significant in consideration of its age and rarity, and a number of mature trees (such as a Bunya Pine, Port Jackson Figs, Silky Oaks, Camphor Laurels, and Jacarandas), dating, in part from the initial European improvement of the area following subdivision.

[1][3] The place has potential to yield information that will contribute to an understanding of the cultural or natural history of New South Wales.

Fairwater has research value as a rare example of a large Victorian/Edwardian domestic residence and grounds, which retain a high degree of integrity in both its individual components and planning.

[1][3] The place possesses uncommon, rare or endangered aspects of the cultural or natural history of New South Wales.