The Conservatorium of Music continues to feature as a prominent landmark in the townscape and the Royal Botanic Gardens. It features as a focal point at the entry leading to Government House. The place has a strong or special association with a particular community or cultural group in New South Wales for social, cultural or spiritual reasons. The Conservatorium of Music is of State heritage significance for its association with generations of noted Australian musicians. It was and continues to be a focus for musical activity attracting visiting performers to perform in the auditorium  The place has potential to yield information that will contribute to an understanding of the cultural or natural history of New South Wales. The Conservatorium is of State heritage significance as its potential archaeological resource has not been exhausted despite extensive investigation. The results of archaeological investigations to date have revealed much about the early history and activity of the colony and many artefacts uncovered are displayed and interpreted in the new building. The place possesses uncommon, rare or endangered aspects of the cultural or natural history of New South Wales. Being the only surviving example of Francis Greenways design in the Old Colonial Gothic Picturesque style makes the Conservatorium of Music an rarity. It also appears to be the only extant stable block in the Sydney CBD which survives from the Macquarie period. The place is important in demonstrating the principal characteristics of a class of cultural or natural places/environments in New South Wales. The Conservatorium is of State heritage significance as a fine example of Old Colonial Gothic Picturesque and demonstrates the principal elements of this style in its strong symmetry, battlemented parapet walls, squat towers, pointed arch and square headed openings, label moulded over windows.