23 of the 250 richest people in Australia live in one inner Melbourne suburb.

Toorak, five kilometres outside the CBD, is home to Australia’s millionaires and billionaires.

The median property price in the area is $3.7 million and rent has rocketed to $950 a week, according to realestate.com.au

Real Estate agent Sarah Case from RT Edgar, who specialises in selling mansions to Melbourne’s elite, says, ‘there’s only one Toorak’.

‘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,’ she told The Australian.

The average estimated value of the 23 residents’ homes in the area is $23 million but they have lived there for an average fo 15 years.