A police media spokesperson said it was believed between three to five men had broken into the house, before taking off in a vehicle parked nearby. Late on Thursday afternoon, police were still patrolling the area, trying to locate the offenders.
Police confirmed that the attackers are known to their victim, and that nothing was stolen from the house.
Witnesses earlier told radio station 3AW that the victim was attacked with an axe and a screwdriver. Channel Seven reported that a wooden stake was found on the road outside his house.
The network also reported that, after the attack, the victim staggered out to the front of his home, where neighbours used tea towels to stem bleeding from his head. . He was in a stable condition at The Alfred hospital on Thursday afternoon. Anyone who witnessed the incident, or may have any information, is urged to contact Crime Stoppers on 1800 333 000.