The attacker continued to Cotham Road in Kew where a "confrontation" occurred with a man who was also stabbed. Police, responding to reports of a man with suspected stab wounds, found the victim with critical injuries near Cotham Road and Queen Street about 12.15am where they attempted CPR.
He later died in hospital.
The suspect was located nearby in Walton Street, where he was fatally shot by police as they attempted to arrest him.
"A large police operation was underway by this stage, naturally, and a short time later, the male suspect was located in Walton Street in Kew and was called on to surrender by police," Victoria Police Assistant Commissioner Glen Weir told reporters this morning.
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"He refused to do that, approached police armed with a knife and police have to subdue him using a number of options which haven't worked. They were forced to shoot the male offender and he is deceased at the scene. The investigation is very early at this stage and we're making a number of inquiries. Crime command, the Homicide Squad and armed crime have primacy of the investigation. That will unfold during the day."
The male victim and the male offender are yet to be formally identified.
Victoria Police say they are "working to establish the exact circumstances surrounding the three incidents in order to determine if they are linked".
"At this stage, police are not searching for anyone else in relation to the incidents and there is not believed to be any ongoing risk to community safety," a statement said.
"The investigation is ongoing and will have oversight by Professional Standards Command, as per protocol when any police firearm is discharged."
