1: Create an instance of the suburb entity:
AppDelegate* appDelegate = (AppDelegate *)[[UIApplication sharedApplication] delegate];
NSManagedObjectContext* context = [appDelegate managedObjectContext];
Suburb *mySuburb = [NSEntityDescription insertNewObjectForEntityForName:@"Suburb" inManagedObjectContext:context];
2: Initialize the set of streets in the suburb
mySuburb.streets = [[NSMutableSet alloc]init];
3: Create a street:
Street *myStreet = [NSEntityDescription insertNewObjectForEntityForName:@"Street" inManagedObjectContext:context];
4: "Link" the two
myStreet.suburb = mySuburb;
[mySuburb addStreetObject:myStreet];
Edit: The above is assuming you created the right relationships. Ideally, the streets relationship attribute will be a cascade type relationship and the suburb relationship attribute will be nullify. If that is the case, when you delete a street, it will be gone from the set of streets that belong to a suburb. If you delete a suburb, it will delete all the streets along with it.
Oh and don't forget to save context.