Police are investigating the terrifying aggravated burglary on Salisbury Street in Coburg, which happened at 12.30am on Monday.

Police have been told that three offenders armed with a gun and possibly an axe broke into the double storey brick house, where they were confronted by a 61-year-old man who lived at the property.

His 52-year old wife was also home at the time.

One of the burglars was stabbed in a scuffle with the homeowner, police said, before the trio made their getaway in a silver Range Rover that belonged to the occupants.

The man who defended his family from the masked intruders is believed to be John Vitale, director and co-owner of major transport company Vitale & Sons.

Mr Vitale has lived at the Coburg property for more than 40 years, according to documents lodged with the Australian Securities and Investment Commission, and is understood to have an interest in several other business ventures.

A neighbour, who knew Mr and Mrs Vitale well but asked not to be named, said it was the second time their house has been targeted by thieves this week.

Just three days ago, a Bentley was stolen from the same address, the neighbour said.

"It was in broad daylight," the man said.

He also recounted the terrifying moments that took place next door just after midnight on Monday as the man's wife banged on the back door asking for help.

"She was devastated and shocked and we said 'come in, come in' and she said 'they're trying to kill him'," he said.

"We said 'what are you talking about?', she said 'there are robbers in the house with a gun and an axe and they're hitting him around the head'."

After calling the police, the neighbour said he went downstairs where the other victim was waiting at the front door:

"He said 'where's my wife?' I said 'she's here'. He said 'they've taken the car, they've gone'.

"I said 'what happened?' he said 'they were hitting me around the head, I had my pocket knife and was poking and sticking wherever I could.'"

The neighbour said the man had lived in the house for about 40 years and had never had something like that happen to him.

"He was shaken and wondering what's going on," he said.

"We were born in Coburg, grew up in Coburg. It's terrible."

Mr Vitale was taken to hospital as a precaution.

His wife was taken to hospital with an unrelated injury to her hand.