Firefighters had arrived at the site at about 2.45pm on Wednesday and started work to free the man, a Metropolitan Fire Brigade spokeswoman said.
“On impact the man injured his leg and ankle, making it impossible to climb from the pit, measuring around seven metres deep, without assistance,” she said.
CFA firefighters were first on the scene while MFB specialist high angle rescue and trench rescue technicians were called in to assist.
The firefighters used a rope system to pull the man from the pit around 5.15pm. Paramedics had provided pain relief the man while he was trapped. An Ambulance Victoria spokeswoman said the man was taken to the Royal Melbourne Hospital in a stable condition with leg injuries.