Police say a man who was forced to take refuge in a tree with his dog after ignoring warnings not to return to his home engaged in an “act of stupidity”.

Paul Debar, 61, was paddleboarding in rising floodwaters near the Yarrawonga holiday park with his dog when he got into trouble about 9am.

He had to wait almost three hours before water police from Melbourne were able to rescue him.

The man and his dog were eventually rescued from a tree near the Yarrawonga Holiday Park. (9NEWS)

“He had been warned yesterday not to return to his caravan. Sometime during the night, he returned,” Sergeant Bruce Rigoni said.

“This morning he was using his paddleboard to get back to the caravan park when he came off the paddleboard.

“It’s quite fast water so it was very dangerous for him and for rescuers… It’s very frustrating, our resources are tied up with people doing this sort of thing.”

State Emergency Service volunteers rescued two other people yesterday at Tarrawingee and Charlton.

The man and his dog were paddle boarding when they became trapped. (9NEWS)

Wangaratta was spared further damage today despite the Ovens River peaking at 12.8 metres overnight, with conditions remaining dry, however the floodwaters will take days to subside.

Focus has shifted to Bundalong near the New South Wales border, where the Murray River joins the Ovens River.

"We're beginning to focus our attention on the Murray and the impacts on communities along the Murray as the water moves down," SES spokesman Brian Wright said.

The Murray River is expected to peak later this week. (9NEWS)

Community meetings were held at Bundalong and Cobram today to discuss sandbagging properties and preparing for more damage.

The Murray River is expected to reach 8.1 metres at Yarrawonga on Friday, and near 7.4 metres at Tocumwal.

It will peak in other towns at some stage on Saturday.

Major and moderate flooding is occurring at parts of the Loddon River, the Avoca River, the Seven and Castle Creeks, Broken River, Ovens and King Rivers, the Kiewa River and the Mitchell River.

For a full list of warnings, visit the Bureau of Meteorology .