Walsh Street, South Yarra, VIC 3141

PROS: Just a block back from busy Punt Rd, Walsh St joins Toorak Rd (with shops, transport and trendy cafes around the corner) with Domain Rd (with the botanical gardens, more shops and even trendier cafes around that corner) and Alexandra Ave (the river). The river end is a little more high-end (think millionaires driving sportscars), the Toorak Rd end is a little younger in feeling (think dual income no kids professionals living the dream.) It's a place we loved living for the sheer convenience - you always feel like you're in the centre of things.

CONS: Parking can be difficult on the street at times. And being in South Yarra, everything is pretty expensive (except for Krakatoa cafe down Toorak Rd; they're cheap and cheerful!)