The fire has grown to more than 717ha in size after being first reported at 2.40pm on Tuesday, February 21.
Aerial water bombing was conducted overnight and an incident control centre has been established at Alexandra.
The fire is travelling north from Flowerdale towards Yea Spur Rd, Yea.
A ‘leave now’ warning has been issued for Flowerdale from Dairy Creek Rd to Handleys Rd and Upper King Parrot Creek Rd to Landmark Lane.
A ‘stay near shelter’ warning has been issued for Dairy Creek, Homewood and Strath Creek along Upper King Parrot Creek Rd.
The fire is in steep and inaccessible country, spreading into forested areas to the north.
More than 50 CFA units have responded to the incident, along with assistance for Forest Fire Management Victoria crews.
There are no confirmed loss of homes at this stage; however, there are impacts to fencing and sheds, the extent of which is not yet known.
Firefighters may undertake back burning to ensure containment of the fire, which may create additional smoke in the immediate area.
The Fire Danger Rating for North Central Victoria for Wednesday, February 22 is Moderate.
Visit www.emergency.vic.gov.au, use the VicEmergency app, or call 1800 226 226 to stay informed.