Police and emergency crews were called to a North Road address in the suburb of Ormond about 1am to find two men injured.
One man, who is yet to be formally identified, died at the scene.
The other man, aged 30, was taken to hospital with non-life-threatening injuries. 
North Road is cordoned off to west-bound traffic between Bethell Street and OLoughlan Steet.
A crime scene has been established and police are investigating. 
