An initial rent of $2,800 per week will add $600 per week to Smith's bottom line - some $31,000 more than his final rent.

However, Bentley Estate Agents has revised it to $2,500 per week, so that its last advertised annual gain of $2,200 per week will be just $15,600 when it becomes vacant at the end of 2020.

Smith paid $2 million in 2015 before knocking down the former cottage to create this designer home, which has three bedrooms, three bathrooms, and a kitchen with European appliances and an induction hob.

The ground floor living space leads to a landscaped barbecue courtyard.

The upstairs terrace has views of the Harbour Bridge and the terrace is connected to another living area. This is the Test star's first purchase on the Balmain Peninsula.

The Daily Telegraph reported midweek that Sydney now has more than 500 properties available for long-term rental at more than A$2,000 per week - twice the number of properties available for under A$300.

And according to a recent PropTrack report, Balmain East features in the top five suburbs where median rents are rising.

Balmain East rose by $375 per week to reach a median of $1,400 per week.

Clovelly topped the list, with its new tenants being squeezed $633 more per week at $1,955 than they were paying a year ago.

It was followed by Rose Bay ($2000, up $600), Middle Cove ($1700, up $525) and Riverview ($1450, up $400).

The revised 13 per cent increase proposed by Smith, or $300 per week, is nowhere near as large as some rent increases, and in fact, back in 2018, the cricketer's house was asking $2,250 per week when it was first rented out after a rebuild.

There are many landlords in a similar situation, only just making up for the drop that occurred when tenants exited the downtown rental market in the early days of the pandemic.

Smith and his wife Danielle sold their own home in Vaucluse last year for $12.38 million after a full designer renovation, and they own other property investments on the Balmain Peninsula.

In 2019, he also quietly bought a 1900s house in Bronte for $3.505 million and, according to Waverley Council documents, commissioned extensive renovations, which included adding a garage, first floor and a pool and cabana to the rear of the 330sqm block.

The couple also bought a flat in New York, according to a recent TV comment box.