The Bureau of Meteorology this morning said the waterway had hit 12.8 metres about 4pm, and was falling slowly.

The river is expected to fall below the major flood level later this morning.

Of major concern to emergency services had been the levee banks protecting about 60 homes near the junction of the Ovens and King rivers, on Wilson Road.

SES incident controller Keith O'Brien said a second weak point was detected in the levee yesterday and residents were then urged to evacuate their homes.

“Our recommendation is that the levees are unsafe and could give way at any time,” he said.

“The details are that it could be a slow release or it could completely give way.

“We’re looking at within a short time at least a metre deep of water, and it’s not just like suddenly a metre in the bathtub, it could come with velocity, knock people over and we could end up with drownings.

“So that’s why people should avoid that area until it’s deemed safe.”

The SES and Victoria Police conducted doorknocks in the Wilson Road area at 2am and again yesterday afternoon.

A community meeting was also held at the H.P. Barr Reserve to provide further information to residents likely to be affected by the floods.

Mr O’Brien said the water had been expected to peak at 12.8 metres, similar to the floods in 1998.

“We are aware the bureau is forecasting a rain event across Victoria from about midnight on Thursday to about midnight on Friday,” he said.

“They think it will be across the state and there is the possibility of 20 to 30 millimetres across the North East.

“If that’s widespread, it might cause another small peak of the minor or moderate level rather than the major one we’ve seen, so it shouldn’t impact anywhere that hasn’t already been impacted.”

An emergency relief centre has been opened at H.P. Barr Reserve.

Wangaratta mayor Anthony Griffiths said council staff were also assessing the damage to infrastructure above the King River.

There has been significant damage to roads, culverts and bridges in the King Valley, with the approaches to the recently replaced Gentle Annie Bridge also being washed away.