Police and paramedics were called to a unit on Mate Street about 11.30am on Monday following an altercation.

Officers said the man had reportedly been assaulted with an axe.

"NSW Ambulance paramedics treated a 47-year-old man at the scene for head injuries, which are still to be determined," a spokesman said.

"He has been taken to Albury Hospital for treatment.

"Officers attached to the Murray River Police District secured a crime scene and have commenced an investigation into the circumstances of the matter."

A 34-year-old man was arrested at the scene and was taken to Albury Police Station.

He remained in custody on Monday afternoon.

Detectives travelled to Albury hospital following the incident in a bid to speak to the victim.

A NSW Ambulance spokesman said the victim appeared to have been in a serious condition.

The spokesman said two ambulance crews had been sent to the unit following the altercation.

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A large number of police attended and could be seen speaking to those at the scene.

Multiple broken windows were visible at the public housing property, although it was unclear if the damage was caused during the altercation.

Other areas of the home were boarded up with plywood.

Anyone with information is urged to call Albury police on (02) 6023 9299 or Crime Stoppers on 1800 333 000.

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