Three people have been left with horrific injuries after a man allegedly launched a violent axe attack at a rural property in Victoria on Saturday.

Police say the offender — who is known to the victims — arrived at a Cowies Rd home in Tyers, nearly 160km east of Melbourne, about 12.30pm before allegedly assaulting an elderly man, an elderly woman and another man.

The man fled on foot, leaving the trio critically injured. The victims were able to call emergency services for help.

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Two of the victims — the elderly man and a second man — are expected to be airlifted to Melbourne with life‑threatening injuries.

The elderly woman also suffered critical injuries and was taken to hospital.

A major search is now underway across Tyers as police hunt the man, aged in his 50s, who was last seen wearing a black and mustard jacket and carrying a black backpack.

He may be armed with an axe and a handsaw.

Residents have been urged not to approach him and to call triple-0 immediately if sighted.

Anyone with CCTV, dashcam or information is urged to contact police.