Police were called to the property on Buckland Gap Road in Beechworth in the state’s north-east at about 8.45pm yesterday.
They found the body of a man at the front of the home, and an injured man in a shed at the back of the property.
The injured man, believed to be aged in his 60s, was flown to hospital.
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The investigation is underway.
Anybody with information is urged to contact Crime Stoppers on 1800 333 000.