MELBOURNE - A neighbour close to the site where police uncovered what are believed to be the remains of missing multi-millionaire Herman Rockefeller says she dismissed a burning smell on Australia Day as someone having a barbecue.

Marika Williams, 33, of Glenroy in Melbourne's northwest, told AAP police had questioned her on Friday about movements in View Street over the past week.

"They asked whether we had seen fire or smelled fire," she said.

"And we did mention that on Australia Day we had smelled something about four o'clock in the afternoon."

But Ms Williams said she dismissed it as a local barbecue.

"We just disregarded it."

Late yesterday, eight days after the Melbourne businessman vanished, Mario Schembri, 57, of Wallan, and Bernadette Denny, 41, of Hadfield, appeared before a bail justice at the St Kilda Road police complex charged with his murder.

Mr Rockefeller, a former executive of Brierley Investments, was last seen alive leaving the Melbourne Airport long-term car park on January 21 at 9.37pm (AEDT).

Detective Senior Constable Tim Bell told the court he was murdered at a home in South Street, Hadfield, in Melbourne's north, either late the night he went missing or early the next day.

Police raided the Hadfield home on Thursday and arrested Schembri and Denny.

Det Snr Const Bell said how Mr Rockefeller came to be at that address was still being investigated.

Both Schembri and Denny admitted to being involved in a fight with Mr Rockefeller, which led to his death, as well as assisting or having knowledge of the disposal of his body, he said.

He said Schembri took police on Friday to a residential address in Glenroy, where police discovered what they believed to be human remains.

The pair are due to face Melbourne Magistrates' Court on Monday.

Police searched bushland in Heathcote, about 45km from Bendigo, on Friday after saying Mr Rockefeller may have met with foul play.

- AAP