In a joint operation, officers are executing search warrants in Flemington, Seabrook, Meadow Heights, Broadmeadows and Kealba.

One man has been taken into police custody at Seabrook.

Fairfax Media understands the raids are related to terrorism financing.

Earlier suggestions that explosives were discovered at a Dallas property are incorrect.

Police have also said the raids are not related to the shooting of a teenage terror suspect in Endeavour Hills last week.

The Australian Federal Police stated: "This operational activity is not in response to a threat to public safety nor is it related to last week's incident at Endeavour Hills."

On Tuesday last week, an 18-year-old terror suspect was shot by police after stabbing two officers outside the Endeavour Hills police station.

The suspect, later named as Numan Haider, stabbed a Victoria Police officer and an Australian Federal Police member, who were investigating him over allegations he had recently unfurled an Islamic State flag in a suburban shopping centre and made several inflammatory remarks about the AFP and ASIO on social media.

Police have also confirmed the raids are not related to earlier anti-terror raids in Brisbane and Sydney.

Premier Denis Napthine said Victoria Police Chief Commissioner Ken Lay had briefed him on the anti-terror raids this morning. "I am advised they are part of a long-running ongoing operation," Dr Napthine told 3AW.

He reiterated the searches were not a response to any direct threat to public safety.

"They're not about a specific threat or there is certainly no immediate concern for public safety," Dr Napthine said.

A dozen Federal Police officers were at the Seabrook home on Tuesday morning, where they took one man into custody.

The bearded man, wearing a grey hoodie, was taken by police just before 8am. Police have at least one sniffer dog which has entered the house.

The man reportedly moved into the neat, brick house with a double garage about a year ago with his wife. The AFP has so far refused to make a specific statement about that raid.

The man who left the house with police did not have handcuffs on. Police would not confirm whether he was arrested or whether he left with police of his own free will.

Police have not removed anything from the house.

The man moved into the house with his young wife, who is in her mid-20s, about a year ago, according to neighbour Herve Du Buisson Perrine.

Mr Du Buisson Perrine said the man spoke to him almost every day.

"Mostly small talk, about plants. I talk to him in my garden, he is working on his garden, me on mine. I am surprised, very very surprised," Mr Du Buisson Perrine said. "He is a very nice person, he seems a very nice person to me."

Mr Du Buisson Perrine, a retired local school teacher, said his wife woke him on Tuesday morning to tell him of the raids next door.

He said the man had moved in after a woman, believed to be his aunt, moved out last December. He said he believed the family were from Lebanon.

With Deborah Gough