The Herald Sun has been told the victim was stabbed after attempting to break up a fight at the party.
He died at the scene.
Victoria Police confirmed last night there had been no arrests made and investigations were continuing.
The young man — who is yet to be formally identified — is believed to be from Melbourne.
It’s understood he travelled to the party, hosted by a former high school friend, with other mates from Melbourne’s north.
Ibis Court has been cordoned off as police investigate the circumstances surrounding the young man’s death.
The tiny street has been plagued by violence in recent years.
In February, a man in his 40s was hospitalised after being shot in the back of the leg at a property on the street.
In 2014, mother of three Tyrelle Evertsen-Mostert was stabbed to death inside her Ibis Court home by a pair of men.