Acova residents are on high alert, and Saturday's Avoca Cup meeting has been abandoned due to this week's heavy rainfall.
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In a statement released late on Wednesday, Racing Victoria said due to the recent rainfall Avoca has experienced and expected rainfall over the next 48 to 72 hours, it is not expected that the track will be safe or suitable for racing.
It's a bitter blow to the Avoca Turf Club, which has not hosted a cup meeting with a crowd in attendance since 2019.
It was anticipating a bumper crowd, with marquees and all race-day packages sold out.
While disappointed, the club stressed the safety of the public and race-day participants was its priority.
"The club has been working through several scenarios due to the forecast and six months of hard work, planning and volunteer hours have gone into delivering the cup day, but unfortunately the weather is not favourable this year," said president Wayne Lawes.
"With the expected rainfall our grounds and lawn areas just won't be accessible for cars, buses and our camping area."
"With the forecast weather system and potential for more flood and storm damage, the club do not want to put more strain on emergency services and the community if they are needed for recovery operations," added club manager Kate Kirkpatrick.
"The safety and well-being of race day pay patrons and community members is our top priority."
"The club and committee are very thankful to the support of all our race day sponsors, members and package holders who had contributed to a sell-out event and hope they will all be back to enjoy the 2023 Avoca Cup after what will be four years since it has been run with crowds due to the pandemic."
The club will host its next race meeting on Saturday, March 25.
The decision to abandon the meeting follows the cancellation of the Gunbower Racing Club's cup meeting earlier in the month on similar grounds.
Whether Sunday's Horsham Cup will run is also under a cloud, however organisers are continuing to prepare for the race.
A watch and act flood warning for Avoca was first issued at 8.53pm on Thursday October 6, as heavy rain saw incidents of flash flooding.
More than 40mm of rain fell up to Friday October 7, while more rain was predicted to fall on on Wednesday October 12 and Thursday, October 13.
Avoca resident Hayley Collicoat said on Friday the flash flooding was threatening the backyards of houses along Avoca's main street.
"We were here for the 2016 floods, and it's worse than that," Mrs Collicoat said.
"The main street at this stage is fine... but the oval's flooded... the skate park and the Lions Club playground are underwater."
"You can't even see the first hole of the green at the golf course at the minute, either."
Waters have risen up a steep rise on the east bank of the river to keep floodwater at bay.
"The water is about halfway up that road, which is unusual," Mrs Collicoat said.
"(Houses) on top in the main street, but their backyards are on a bit of a slope and back onto the river flat."
Pyrenees Shire Council has issued warnings of road closures due to the water.
In 2016, much of the worst flooding when the Avoca River broke its banks occurred at Charlton, where 300 homes had to be evacuated due to flooding.
Avoca Caravan Park's Terry Walsh said the floodwater was impacting the business.
"Half our caravan park sites are out of action because of the water," Mr Walsh said.
"We've probably got about eight in total we can use."
Mr Walsh said the park was monitoring the situation and making sure they could operate safely.
"We're just making sure that we can fit anybody wants to come in, we're just tied with the weather and the moment," Mr Walsh said.
"We're getting water off the golf course as well, which doesn't particularly help at the moment."
The SES warned travellers of dangerous conditions.
"Do not attempt to drive through floodwater as this could be the last decision you make," they said.