Three people have sustained significant injuries after being assaulted by a man in Tyers this afternoon.
The offender, who is known to the victims, attended a Cowies Road address about 12.30pm.
Police have been told the man assaulted an elderly man and woman, along with another man at the address while armed with what's believed to be an axe.
He fled the address and the victims were able to call emergency services for help.
The elderly male and second man are expected to be airlifted to hospital in Melbourne with life-threatening injuries.
The elderly woman also sustained critical injuries and was taken to hospital.
A large-scale search is currently underway in the area to locate the offender, who is believed to have left the property on foot.
The man, aged in his 50s, was last seen wearing black and mustard coloured jacket and carrying a black backpack.
He may be armed with an axe and handsaw.
Anyone who sees the offender should not approach the man and immediately contact Triple Zero (000).
Anyone who witnessed the incident, has CCTV or dashcam or anyone with information is urged to contact Crime Stoppers on 1800 333 000 or submit an online confidential report at www.crimestoppersvic.com.au.
