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A former New Zealand prime minister has put his luxury Sydney waterfront apartment on the market for $7million just a day after receiving the keys.

Sir John Key and Lady Bronagh became the owners of a high-end harbourside apartment in McMahons Point last week, with stunning views overlooking the iconic Sydney Harbour bridge. 

But the Auckland-based couple will not be taking up residence in the three-bedroom property, despite having waited three years for the 200sqm home to be built after purchasing it for $5.7million off the plans. 

Sir John Keys and his wife Lady Bronagh have put their luxury multi-million dollar apartment back on the market a day after settling due to changed business interests

The waterfront property at 301/3 East Crescent Street Mcmahons Point is expected to fetch for up to $7million

The waterfront property was put up for sale on Thursday, with Sydney estate agent Tim Abbott expecting the apartment to fetch for $6.5 to $7million AUD.

Key, who was a three-term New Zealand prime minister from 2008 to 2016, said business interests had changed since they bought the premises a year out of office. 

'We bought it off the plan three years ago but have decided that we don't need a residence in Sydney as more of my work is oriented to other parts of the world,'he told the New Zealand Herald on Saturday.

'It's a beautiful apartment but we only have so much spare time and having built a new house in New Zealand we are keen to spend time in this property.' 

Estate agents Ray White Lower North Shore have posted the property as a 'brand new designer apartment with iconic views – 5 star luxury on the shores of Sydney Harbour'. 

The luxury 200sqm apartment overlooks Lavender Bay and Sydney's iconic Harbour Bridge

The property features three bedrooms, two bathrooms, and two car spaces with views towards the city

The plush harbourside premises was recently completed after the Keys purchased it off the plans in 2017 for $5.7million

Mr Abott said although COVID-19 has altered the inspection process, the apartment featuring two bathrooms and two car spaces has attracted high levels of interest.  

'It is in a very popular spot, new apartments don't really come up that often in that area,' he told Daily Mail Australia.

'It is beautiful appointed in a small block of eight overlooking Lavender Bay with a magnificent view of the bridge. It's features will appeal to a lot of people.'

The Keys sold their Parnell family mansion for $23.5m after a two-year settlement late last year. 

Key, the former head of foreign exchange at Merrill Lynch, stood down as the director of Air New Zealand last month due to increasing professional commitments within the country and abroad.