South Yarra is an inner city suburb of Melbourne, Victoria, Australia. As the name suggests, it is located on the southern bank of the Yarra River. The area east of Punt Road is in the Local Government Area of the City of Stonnington and the area to the west is in the City of Melbourne. The main shopping region of South Yarra runs along Toorak Road and Chapel Street. Trade along these two arteries are focused on trendy shopping, restaurants, nightclubs and cafe culture. The area of South Yarra centred along Commercial Road is one of Melbourne's gay villages. South Yarra is also home to some of Melbourne's most prestigious residential addresses. Residential land price records (per square metre) have been set by properties in Domain Road, Walsh Street and Fairlie Court.