Phillip Bay is one of the smallest suburbs in Randwick Municipality, in spite of including Yarra Bay and Bicentennial Park. It is a low-density residential area with a large variety of housing types, including villas, cottages, blocks of flats up to three storeys and townhouses. It has an extremely high percentage of detached homes: 80%, compared to the average of 28% in the Randwick Municipality. Semidetached homes are relatively few as a percentage of total housing: 6.4% compared to an average of 15% in the municipality.
Catholic and Baptist churches can be found in Yarra Road and an Aboriginal Evangelical Church in Adina Avenue, although it was disused as of 2009. La Perouse Primary School is situated in Yarra Road, Phillip Bay. Beach and recreational areas are situated along Yarra Bay. Yarra Bay House is located on Yarra Point, between Frenchmans Bay and Yarra Bay.