PM opts for Point Piper over Kirribilli

Prime Minister Malcolm Turnbull says he'll live in his own place in Sydney rather than the official residence across the harbour.

Mr Turnbull said his residence at Point Piper, a luxury waterfront property, was agreeably close to his grandson.

He said he would use Kirribilli House for official functions.

"It's very valuable, it's a great location to use for charities and for opportunities to support good causes. So we'll certainly be doing that. But we'll be sleeping at home," he told ABC television.

When in Canberra, Mr Turnbull will stay at the official prime ministerial residence The Lodge once its refurbishment is complete.