Update: 1pm
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Emergency personnel will remain on alert ahead of forecast rainfall later this week.
State Emergency Service deputy controller Steve McDowell said it was believed the existing flood event was over, but the situation would continue to be monitored.
"We have seen the peak of the floods in Allansford come through this morning," Mr McDowell said.
"We're going to see those peak levels continue now for some hours so we're just asking people to stay away from flood waters."
Mr McDowell said the Bureau of Meteorology was predicting up to 40mm of rain in some areas later this week.
"We have rain forecast for across the weekend - from Friday through to Monday and the bureau if predicting some falls of potentially up to 40mm," he said.
"At this stage we don't know exactly where those rains are going to fall, so that's causing us concern."
Mr McDowell said measures taken in Allansford and Panmure to protect properties from flooding would remain in place.
"We've decided to leave all the infrastructure we have at Allansford in place until that rain has come through so we're asking community members to leave the sandbags where they currently are," he said.
Mr McDowell said the community would be kept up-to-date with the conditions.
He urged people to remain vigilant.
"We're asking people to be alert, not alarmed. We may see these weather events for a number of weeks."
Earlier
The second peak of the Hopkins River at Allansford was lower than the first, according to State Emergency Service deputy incident controller Steve McDowell.
He said the peak hit early on Tuesday morning.
"What they're telling us - the hydrologists - is that it will be there for the next 12 hours so we do have a considerable amount of water coming down the Hopkins," Mr McDowell said.
He urged Allansford residents to keep an eye on their properties over the next 24 hours.
"The level we are currently seeing at Allansford is the peak - so the river won't rise anymore," Mr McDowell said.
"The second peak actually turned out to be lower than the first, which is good news for Allansford residents."
Mr McDowell said there would be emergency service personnel in Allansford and Panmure in the coming days keeping an eye on the situation.
Warrnambool police sergeant Dean Greenwood reminded people to travel to the conditions and to stay out of flood water.
He said there was a speed reduction in place on the Princes Highway near Allansford.
"We've got some speed restrictions in place on the Princes Highway near the speedway," Sergeant Greenwood said.
"The restrictions will remain in place for the next couple of days - probably until the weekend."
Sergeant Greenwood said there had been reports of livestock and large debri travelling down the river, which made it dangerous to enter.
"We've had reports of livestock and large trees floating down the Hopkins so obviously it's not safe to be playing in flood waters," he said.
Sergeant Greenwood said there were also a number of potholes on roads around the district.
"The roads have been affected so we're just asking you to slow down and take your time to get to where you're going safely," he said.
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