An advice warning was issued for McCrae on Tuesday morning after locals discovered the damage and alerted authorities.

The slope could continue to move for hours and Point Nepean Road is closed at McCrae because of it.

The State Emergency Service received 673 requests for assistance in the 24 hours to 5am, mostly at Mornington, Mt Martha and Safety Beach.

Mornington Peninsula Shire has set up a gathering place for affected residents in McRae Plaza.

Showers and possible hail have been forecast south of the ranges from Tuesday, while isolated thunderstorms could hit northern Victoria before wild weather ramps up again from the weekend.

Multiple Watch and Acts have been issued across the state as the State Emergency Service remains on alert for requests for assistance.

A moderate flood warning has been issued for the Moorabool River at Batesford Bridge in Victoria's southwest, with water levels expected to reach four metres on Tuesday.

Flooding is also expected on the Yarra River from Millgrove to Coldstream and from Coldstream to Warrandyte, with rainfall totals of 15-20mm forecast for the upper part of the catchment.

The Murray River is expected to peak at Wakool Junction, north of Swan Hill along the NSW border, by midday on Tuesday.

Floodwater is steadily flowing north towards Mildura and is likely to reach the major regional centre by late next week.

Major flooding is also expected at Yarrawonga in the state's northeast on Thursday and further west in Tocumwal by the weekend as floodwaters from Albury-Wodonga head downstream.

Catchments across the state have been full for some time now after record rainfall in October.

The state's Environmental Protection Authority is warning communities in northern Victoria to stay away from floodwaters after finding low levels of the bacteria E. coli in major waterways at Swan Hill, Rochester and Echuca.

Australian Associated Press