The Fairies Tree, sculpted by author Ola Cohn between 1931 and 1934, is loved by children. The carvings, on the stump of one of the original Red Gum trees in the Fitzroy Gardens, well over 300 years in age, feature a series of Australian animals, birds and bush spirits.

Her intentions are best described in the foreword to her book, "The Fairies Tree", inscribed on the tree's plaque: "I have carved in a tree in the Fitzroy Gardens for you, and the fairies, but mostly for the fairies and those who believe in them, for they will understand how necessary it is to have a fairy sanctuary - a place that is sacred and safe as a home should be to all living creatures."

The carvings were done years after the death of the tree and so the problem of the trunk's preservation presented a problem. In 1977, the trunk was extracted from the ground for chemical treatment and the removal of rotted wood, and during the process, a mummified brush tail possum over 40 years old was found perfectly preserved within the trunk. The tree was remounted on a concrete base to prolong its life.