Police are planning to evacuate 120 people from an area near Euroa in Victoria's north-east as the state's bushfire emergency continues.

Of the four fires still burning in the state, Emergency Services Commissioner Craig Lapsley said the 6500 hectare blaze was causing the most concern.

Police are now door-knocking people in the Creightons Creek area, near Euroa, which is the same fire as the Longwood fire, to prepare them to evacuate to Wesley Hall in Euroa.

A shed destroyed by fire in the state's north-east. Photo: Alexis Daish/Nine News, via Twitter

Mr Lapsley said one home was destroyed in Gooram - the same home was where two people were unaccounted for earlier today. Those two people have since been found.

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The other fires still burning included the 5200 Lake Rowan blaze, the 3500 hectare fire at Stewarton and the 120 hectare blaze at West Wodonga.

Earlier, residents in the immediate danger zone in the town of Boweya, near Wangaratta, were told to remain indoors on Wednesday morning but firefighters have since issued a Watch and Act alert.

Smoke from bushfires around Lindsay Park racing stables. Photo: Ben Hayes/Instagram

Lindsay Park, one of the state's most prestigious and successful racing stables, at Euroa is also under threat and staff have also been told to leave.

It's the second time that David Hayes' $12 million state-of-the-art racing stable has been threatened by fire.

Hayes, one of the state's most successful horse trainers, said that an evacuation order had been activated and that his staff were now leaving the property.

Firefighters battling the blaze at Wodonga on Tuesday. Photo: Matthew Smithwick/The Border Mail.

He told Fairfax Radio 3AW that he and his staff were having their Christmas party when the fire enveloped Lindsay Park "like a horseshoe" on Tuesday afternoon.

"If you can imagine a horseshoe with the big mountains around us, they were ablaze," he said.

Hayes said he and his family were deeply concerned by northerly winds that strengthened in the area shortly after lunch on Wednesday.

Fire in the hills around Wodonga on Tuesday night. Photo: Oliver Young/The Border Mail

"It's the law, they've got to leave, but a few of the staff have stayed back purely as volunteers to help us watch over the livestock," he said.

"It's a very worrying time. My wife and daughter who are not hands-on horse people drove around the entire property on Tuesday night and Wednesday morning looking for outbreaks. None of us have been to bed and then all of a sudden, from the north, came another real fire threat."

Hayes said he would spend much of the day moving large stables of his horses from paddocks in a bid to avoid the fire danger.

CFA incident controller Stewart Kreltszheim said the Stewarton fire was under control.

"Stock losses are around 2000 head across both those fires," Mr Kreltszheim said.

"Agricultural land, farm fencing and stock losses are the biggest losses reported at this stage."

Boweya residents told to leave

The Emergency Warning for Boweya was downgraded to a Watch and Act alert about 1pm, although firefighters were yet to bring the 6800 hectare bushfire heading east towards the Warby Ranges under control.

The eastern edge of the Boweya blaze was the most active on Wednesday, with firefighters using bulldozers to build containment lines.

A Watch and Act alert remains in place for Ruffy, Old Longwood, Longwood East, Gooram, Creightons Creek.

"Weather conditions overnight were favourable in assisting firefighters to slow the spread of the fire but increasing winds today mean that residents need to remain vigilant as the fire behaviour continues to be unpredictable," a CFA spokeswoman said.

A tense wait for residents

Boweya policeman Paul Campbell said he was waiting for news from firefighters on the ground as to whether the blaze had reached his property overnight.

Mr Campbell, who was working in Melbourne, received frantic calls from his wife at their rural property from 6.30pm on Tuesday.

"She was seeing smoke all around," Mr Campbell said.

She estimated fire was 10 kilometres from their home, swept by more than 100km/h winds from its origins at Lake Rowan, about 25 kilometres away.

"We made the decision early to pack and go," Mr Campbell said.

"We have our house set up in a way that we're not particularly worried and it's more about not putting family in danger. It's better to get out early and be safe than rushing out later on."

His wife could get only two of their horses out, leaving two behind on the property, and spent the night with friends in Wangaratta.

Evacuations at Wangaratta and Benalla

Up to 80 residents from outlying areas of Wangaratta and Benalla were evacuated on Tuesday night as fire threatened their homes.

Between 40 and 50 people sheltered at a relief centre at Barr Reserve in Wangaratta and 30 locals took refuge at a basketball stadium in Benalla.

Others stayed with friends and family in town.

Wodonga fire under control

Firefighters managed to stop the spread of a grassfire that was threatening West Wodonga on Wednesday morning. "The grassfire is now under control," a CFA spokeswoman said about 1pm.

The Watch and Act alert was downgraded to an Advice message.

Lightning strikes the culprit

Lightning strikes sparked more than 300 fires on Monday and Tuesday, which were fanned by hot and gusty winds across the northern part of the state.

Mr Lapsley said that there would be some reprieve for firefighters on Wednesday, with mild conditions forecast for much of the state. He said crews were racing to get on top of the fires before conditions deteriorated again.

"Today the weather drops off a bit, so that's a good thing," he told ABC news.

Bureau of Meteorology forecaster Peter Newham said conditions would ease across much of the north-east with light south-westerly winds and temperatures in the mid-20s forecast.

"The winds look like they're only going to be about 15km/h, whereas yesterday at times it was probably up about 50 or 60km/h," he said. But conditions are set to worsen again on Thursday, Mr Lapsley warned.

"On Thursday the weather will be up again and in high or severe fire danger rating. So today is the day for us to catch up on the fires," he said.

- With Patrick Bartley