Detectives will provide an update at police headquarters at 3pm.
A second man, who police are still trying to locate, fled the scene.
It’s also believed the 29-year-old man was the sole tenant of the home and had lived there for just under a year.
One neighbour, who did not want to be named due to privacy concerns, said they woke to the sound of people yelling – which they initially thought was schoolies celebrations – followed by the sound of two gunshots at 4.07am.
The neighbour heard a police helicopter flying over the property about 45 minutes after they heard the gunshots. About a dozen police cars had swarmed the street by 7am, the neighbour said.
Another neighbour said they heard a dog barking loudly around the time of the alleged shooting.
Police placed witches hats and crime scene markers on the road on Monday.Credit: Jason Southth
They said police spent most of the morning doorknocking the surrounding streets of the quiet coastal neighbourhood, a popular summer holiday destination.
“It’s just shocking,” the neighbour said of the shooting.
Forensic police were at the three-bedroom house on Monday afternoon. Police marked what appeared to be burnout marks on the gravel driveway and tyre marks on the street.
Police have urged anyone who witnessed the incident to contact Crime Stoppers on 1800 333 000 or submit a confidential report online at www.crimestoppersvic.com.au.
More to come
Get the day’s breaking news, entertainment ideas and a long read to enjoy. Sign up to receive our Evening Edition newsletter.