Bureau of Meteorology modelling shows ten homes are likely to be flooded in the East Wimmera town of Charlton as the Avoca River continues to rise.

Meanwhile, police hold "grave concerns" for a missing 84-year-old farmer in the state's south-west.

Emergency management commissioner Craig Lapsley said the weather event had been named the 'Floods of September 2016', which meant they expected ongoing flooding throughout the month.

"This is not going away," he said.

"We'll see more towns impacted in days. It's got the potential to have significant economic impacts."

Mr Lapsley said Victoria was "saturated" after days of record-breaking rainfall, with most of the state's rivers, dams and catchments full.

"We are now seeing most of our rivers in some sort of flooding," he said.

The wild weather has impacted 25 council areas, closing 13 schools and shutting 188 roads.

Mr Lapsley said the water in Charlton would continue to rise overnight before reaching 7.5 metres on Friday, where it would stay for the next couple of days.

Light rain is expected for the rest of the week, followed by heavy rain on Tuesday or Wednesday next week that poses significant concern for emergency services.

Mr Lapsley urged people to exercise caution as drivers continued to place themselves at risk by ignoring road closures.

"Roads are turning into rivers," he said. "Water may seem calm but underneath there are significant currents."

The floodwaters cut power to about 8000 homes and businesses across north-west Victoria, including nearly 800 in Charlton, about 240 kilometres north-west of Melbourne, at 1am on Thursday. Power had been restored to most of those by the evening.

Charlton residents also battled limited fuel supplies and phone coverage.

The SES door-knocked 80 homes in the southern parts of the town on Thursday, while more than 100 people attended a public meeting in the Charlton Shire Hall.

Firefighters have lined doorways and walls in the town with hundreds of sandbags in preparation for flooding.

Victoria Police stationed officers in the town overnight to ensure residents' security.

SES Wycheproof commander Cameron Arnel said houses on Rutherford Street were in the most immediate danger from the rising river, but the situation remained unpredictable.

He said water was expected to rise from the storm water drains in Charlton's main street and elsewhere in town.

Another public meeting will be held in the hall at 10am on Friday.

Charlton is no stranger to major floods. In 2011, the farming town was struck by its worst flood in living memory when the Avoca broke its banks after five days of solid rain and spilled into town with a tidal force.

The hospital was inundated and remained closed for more than six months.

Graham and Margaret Hodges decided to leave their Watson Street house and stay with a friend as the flood caused extensive damage to a bungalow and their belongings.

This time – almost six years later – they will be staying put all night to keep an eye on the situation.

"If it comes any higher than what they said, we'll be in a lot of trouble again," Mrs Hodges said.

"Some have said it could be 7.8 metres, another person said 8.4. If it gets to 7.4, then the water will be in the bungalow again."

Another resident, who did not wish to be named, said she expected the water to run through her house and out to her front veranda.

"It got right up to the veranda in 2011, and I expect that to happen again," she said.

"A lot of people are really worried because of what happened in 2010 and 2011.

"I wouldn't want to live at the southern end of town right now."

Another area of concern is Skipton, 52 kilometres south-west of Ballarat, where Mount Emu Creek continues to rise and may have already flooded homes and businesses.

"Properties and businesses along Anderson, Montgomery and Cleveland Streets may have been affected by floodwater," an SES alert said.

Meanwhile, an SES spokeswoman said the Great Ocean Road remains closed between Lorne and Skenes Creek following a landslide.

Across the state, emergency services have plucked 17 people from floodwaters, sometimes having to resort to using a police helicopter due to the perilous conditions.

A young girl and a man had to be winched to safety after their car became caught in floodwaters in Inverleigh, west of Geelong, on Wednesday night.

Police are still searching for an elderly farmer from Wallacedale, south of Hamilton, after his car was swept away by floodwaters on Wednesday afternoon.

The farmer's white ute has been found in a dam, however there is no sign of the 84-year-old. Family and friends gathered at the dam on Thursday, while police drivers searched around the submerged ute.

Three dogs were tied to the back of the ute and one of them has died.

"[The farmer] was driving a country road that we would suggest he knows extremely well and probably drives every day off his life.

The road was covered in water and it appears that the vehicle is now in a dam," Mr Lapsley said.

Premier Daniel Andrews urged all Victorians to stay clear of floodwaters.

"Please, exercise common sense," he said.

"Do not enter floodwater by vehicle, or by foot. It's not worth it."

With Bendigo Advertiser