I do not live in Brighton (down Mt Eliza on the Mornington Peninsula)- we all could wouldn't we hehe? From what I've read in the real estate reports, Brighton consistently ranks as one of Melbourne's most expensive places to live in. Usually the order of most expensive suburbs goes Toorak, Brighton & Canterbury followed by either Kew, Hawthorn and South Yarra with East Melbourne and possibly Caulfield North rounding out the top 10.
Median house prices are around $1.6-2 million. You don't need to be cashed up- some decent apartments and penthouses avaliable.
The most exclusive stretch of ultimate residential luxury is on the Golden MIle- starting from Head Street down to the yacht club. The premier residential streets include, (and this is only a pure guess!)- Glyndon Avenue, Seacombe Grove, St Ninians Road & Moule Avenue with Bay Street not far behind. Mansions start from $4-5 million to as high as 12 Moule Avenue for $20 million!
You can also check out my article on $20 million+ homes in Meloburne and Melbourne's most expensive streets.