Guests have trashed a million-dollar property on Melbourne's beachfront, causing upwards of $150,000 in one night.

The waterfront home in Altona, south-west Melbourne, was destroyed when about 70 youths rented it out on Saturday.

Victoria Police were called to the four-bedroom home on three separate occasions on Saturday night as fights spilled out onto the street.

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Guests have trashed a million-dollar property on Melbourne's beachfront, causing upwards of $150,000 in one night

One neighbour described the house as a 'write-off'.

'The damage inside the house is incredible. There's not a room or place in the house that isn't destroyed, including the garage,' he told Seven News.

'It's absolutely senseless and useless vandalism, without any need,' another said.

Residents said they confronted the group early in the night, but retreated back inside their homes when pleas for order fell on deaf ears.

Photos showed massive holes in the walls, shattered glass and damaged furniture overturned and strewn throughout.

The rental, advertised as a 'beach holiday house' cost $255 per night.

The house rules included 'quiet hours between 10pm and 8am'.

The waterfront home in Altona, south-west Melbourne, was destroyed when about 70 youths rented out the home on Saturday

Photos show massive holes in the walls and damaged furniture overturned and damaged

The million-dollar waterfront home was rented through for the party on Saturday

'The damage inside the house is incredible. There's not a room or place in the house that isn't destroyed, including the garage,' this resident said

One neighbour claimed young men even threw rocks at passing cars on the street.

Another said the young party-goers were so out-of-control, the police 'didn't have a chance in the world'.

Victoria Police said they were still searching for those responsible for the senseless vandalism.

'It's absolutely senseless and useless vandalism, without any need,' another resident said

Victoria Police said they were still searching for those responsible for the senseless vandalism at the waterfront home in Melbourne

The million-dollar home was vandalised by a group of up to 70 youths on Saturday night