CCTV footage shared by multiple media outlets depicts the aftermath of the shooting at Wollert, a suburb of Melbourne's north, about 5.30pm on Thursday.
Two figures appear to flee a Gypsum Drive address as a series of loud bangs can be heard to ring out.
A third figure then emerges as the first two bundle into a waiting, brown sedan on neighbouring Lowline Way.
According to police the first two people seen in the footage fleeing were spoken to by officers and were not believed to have been involved in the shooting.
The third figure who was seen fleeing in a different direction was yet to be located as of Friday afternoon.
Homicide Squad Detective Acting Inspector Paul Scarlett said the circumstances and motive for the attack were yet to be determined but police were treating it as targeted.
"We are yet to establish the identity of the deceased male, but we do believe that this person has got links to organised crime," he told reporters on Friday afternoon.
The victim, a 42-year-old Wollert man, was shot multiple times and found dead inside a family home, Detective Acting Inspector Scarlett said.
"Members from that family arrived home shortly after the shooting," he said.
"They have been spoken to by police, but as you can imagine, they are absolutely distraught."
Nearby resident Alok Singh, 36, was watching a movie inside his home at the time and was unable to hear the suspected gunshots.
But soon he witnessed a woman sitting on the ground crying and screaming at the "top of her voice".
"Nobody knew what exactly had happened," he told AAP.
"Some people said there was a shooting. Some people said someone's deceased."
When Mr Singh learned what had happened, it made him question whether his suburb was as safe as he had believed.
"It's pretty scary," he said.
"Having that right in front of the house, it's not a good feeling.
"I really hope the police catch whoever has been involved."
Mr Singh spoke to AAP on Friday as the streets near his home remained closed to traffic, cordoned off with police tape.
Homicide detectives were seen entering properties along Gypsum Drive throughout Friday, while officers patrolled surrounding streets.
It comes more than a year after underworld figure Athan Boursinos was gunned down just streets away in July 2025.
The 21-year-old is believed to have been ambushed by an interstate hit team near his Wollert family home.
Boursinos was treated as a suspect in the high-profile shooting of former Mongols bikie Sam "The Punisher" Abdulrahim.
Thursday's shooting follows a separate incident in Melbourne's west on Wednesday, when shots were fired from one car into another.
No injuries were reported in Wednesday's incident.
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