Victoria's Country Fire Authority has confirmed at least five homes were lost in Wednesday's grass fire at Dereel, south of Ballarat, in the centre of the state.
The blaze was contained overnight after burning through 1,300 hectares.
Fire crews are continuing to assess the extent of the damage and police are investigating the cause of the fire.
Road closures are still in place and evacuated residents have not been able to return to their homes.
Four injured firefighters have been released from hospital after being treated for minor burns and smoke inhalation.