Luxury Melbourne home 'extensively damaged' by fire

A fire has ripped through a luxury home in a wealthy south Melbourne suburb.

Neighbours say no one was home when flames engulfed the large, two-storey house on Haverbrack Avenue in Malvern last night. 

The home was extensively damaged but firefighters said they managed to save some personal possessions including photo albums.

Former residents of the exclusive street, where homes sell for well into the millions, include late ex-prime minister Sir Robert Menzies.

With AAP.