Toorak suburb in Australia is home to the country’s richest people

Compared to any other suburbs, most of the country’s billionaires and millionaires prefer to build their luxurious residences here

Rainbow captured in an inner-city suburb of Melbourne. Kummeleon/Shutterstock

According to the Daily Mail, 23 out of the 250 richest people in Australia reside in Toorak, an upscale inner-city suburb just five kilometres southeast of Melbourne’s central business district.

Despite the location’s lack of coastal views, the wealthy preferred to build their mansions, pools, gardens, and tennis courts on this suburb’s spacious blocks.

Currently, the average price to buy a property is AUD3.7 million, while the rental rates are AUD950 per week, reported

The growing reputation of Toorak surpasses some of the most affluent suburbs with waterfront properties like Vaucluse and Point Piper in Sydney.

“There’s usually not a lot of stock on the market, and once you move there, you tend to stay there. It is different in Sydney, where you’ll have quite a few suburbs that would be the equivalent of a Toorak. There’s only one Toorak,” said Sarah Case, a real estate agent from RT Edgar whose speciality lies in selling mansions to Melbourne’s elite.

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In the late 70s, billionaire businessman Lindsay Fox moved into a mansion in Irving Road.

Renowned property developer Tim Gurner, Jayco caravans owner Gerry Ryan, and retail tycoon John Gandel also reside in this luxurious suburb.

The median value of the 23 lavish residences amounts to AUD23 million, though most of them have been owned for at least 15 years. Meanwhile, the 50 most expensive mansions in the country cost over AUD26 million.

Case revealed that most of the rich in Toorak reside in Albany Road, Irving Road, Lansell Road, and St. Georges Road.