Fantastic water views. Close to Bondi, Tamarama & Bronte Beaches (5 mins walk), Bondi Junction (10 mins walk) via Waverley Park (30 secs). Have a spot of barefoot bowls at Waverley Bowling Club opposite (1 min).
There's a bus stop across the road. This takes you into Darling Harbour, the city and More Park (SCG & SFS). Explore the nearby boutique shops and bars of Paddington, Darlinghurst & Surry Hills.
If you want ideas of things to do let me know and I'll point out some local attractions.