Parts of the Great Ocean Road remain closed after floods triggered more than 150 rockfalls and landslides, prompting concerns school-holidaymakers may avoid the area during the lucrative trading period.

Towns throughout Victoria remained on high alert on Friday as floodwaters claimed their first life in the state's south-west.

The body of a missing farmer from Macarthur was found in a dam in Wallacedale.

Police had been searching for 84-year-old Frank Bell since Thursday, when his ute and three dogs were swept away in floodwaters.

Across the state there have been more than 20 rescues, including one in Lubeck and Charlton, as motorists continue to drive through floodwaters despite warnings.

Major flood warnings remain in place for the Wimmera, Avoca and Loddon rivers.

Horsham and Glenorchy could be impacted as the Wimmera River continues to rise. It is expected to peak overnight Friday or on Saturday.

The river is likely to reach its major flood level of 3.6 metres on Saturday evening.

The Avoca River in Charlton is expected to peak at 7.5 metres, also overnight Friday or on Saturday.

For towns along the Great Ocean Road - including popular holiday destinations Lorne, Apollo Bay, Wye River and Separation Creek - the floods are another blow from Mother Nature.

The area suffered heavy losses after bushfire ravaged the area in December.

A deep crack has developed in the side of a hill above the famed tourist drive near Paddy's Path - a walking track between the towns Wye River and Separation Creek - putting 600 cubic metres of earth at risk of being lost in a major landslide.

Federal Liberal MP Sarah Henderson said she was concerned the landslides would deter holidaymakers.

"My concern is people will not come down to the Great Ocean Road," she said. "I am concerned about the impact it will have on the local economy."

The member for Corangamite, which includes the beachside towns, urged Victorians not to cancel their plans.

She called upon the Andrews government to match the federal government's $25 million in funding for the repair and maintenance of the tourist drive.

"We are seeing some very significant damage that's been caused to the road in the last 48 hours and I'm very concerned that it's more serious than first thought," Ms Henderson said.

The coastal road is closed between Eastern View and Lorne, and Lorne and Skenes Creek.

Lorne can still be accessed via Winchelsea and Deans Marsh, and people can still reach the Twelve Apostles via Colac and Camperdown.

SES spokeswoman Terri Russell said Lorne was open for business. 

She said food and drink would be delivered to communities isolated by the landslides and road closures.

Further north in the state, a slow-moving tide of water is flowing down from the Grampians and heading towards north-west Victoria after nearly 200 millimetres of rain was dumped on the mountains.

The water is rolling down creeks and rivers over the already-saturated plains of the Wimmera region.

Heavy rain forecast for early next week is adding to the concerns of residents and emergency services.

No homes were affected on Thursday night in Charlton, about 240 kilometres north-west of Melbourne, as the Avoca River held steady at about 7.3 metres.

The river is expected to peak about 11pm on Friday or early Saturday morning.

Donald Road resident Stewart Smyth, whose home was inundated with a metre of water in the 2011 floods, said it had been a long night, but there was no damage to his property this time.

"You packed everything up and took things away and it turned out ..." he trailed off.

"But best to do that than be sorry later on.

"I suppose everybody's on edge from the last time, because we lost everything last time."

Another resident, Christian Coughlin, agreed the town was on edge, but said the near miss would help calm nerves.

"As soon as we got a big rain everyone started panicking a little bit, which is expected," he said.

"I think this is really going to help the town come back to knowing that it will flood, but it's not always going to be as bad as it was then."

There is also rising tide of emotion in Charlton about Saturday's local grand final match.

Charlton's Navy Blues have lost the last three grand finals and are hoping to break the losing streak when they take on Wycheproof-Narraport at St Arnaud.

Players are confident they will be able to make the 40-kilometre trip to the ground, despite the floods.

"I think from what we've heard down here, all roads will be open come Saturday morning as planned," local player Michael told radio station 3AW.

The Richardson River in nearby Donald had reached 3.48 metres at 6am on Friday and was still rising.

While some rivers have already peaked, there are still some waiting to peak through the weekend and into next week.

"Our concern is that the rivers and the ground are already quite saturated," SES spokeswoman Terri Russell said.

Rivers around Horsham, at the foot of the Grampians, are expected to peak on Sunday.

CFA controller Trevor Ebbels said the town was waiting on tenterhooks.

"There's a lot of water out there," he said.

Rivers around Kerang, in northern Victoria, are expected to peak late next week.

With the Bendigo Advertiser