The man, aged 24, endured temperatures as low as zero overnight, after he fell 20 metres into water after abseiling down the North Wall of Mount Buffalo Gorge about 4.15pm on Sunday. Radio station 3AW has reported his ropes snapped but police could not confirm the cause of the fall.

Search and rescue police took just over 24 hours to reach him in the rugged terrain after friends climbing with the man alerted police.

Ambulance Victoria spokesman Paul Bentley confirmed the man, who is believed to have back injuries, was able to get himself out of the water, but an air ambulance would attempt to winch him from the gorge.

Mr Bentley said the air ambulance was expected to winch him to a waiting road ambulance at Tuckerbox Corner, where the man was expected to be taken to Wangaratta hospital.

Three Country Fire Authority crews, from Mount Beauty and Wangaratta, and the State Emergency Service, are involved in the rescue.

The North Wall is a 300-metre climb and tour operators describe the gorge as one of the top climbing destinations in Victoria.