Police search for Melbourne underworld figure's body

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Police have not found anything in a search of a Victorian property for the remains of a Melbourne underworld figure.

Police had hoped to find the body of career criminal Terrence Blewitt, who disappeared in 2004, and thereby also help their investigation into the murder of underworld figure Graham "The Munster" Kinniburgh.

Police say they have yet to locate anything of interest to the investigation.

But they have found some "areas of interest" inside a car seized last week and say they are awaiting further analysis.

Police seized the dark blue 1999 Hyundai Excel sedan from its shocked new owner at a rural home in Alexandra, about 130km north-east of Melbourne.

The car is believed to have been the getaway vehicle in the December 2003 shooting of Kinniburgh, while Blewitt - a person of interest in that murder - likely died inside the same vehicle a year later.

Police had believed Blewitt was buried somewhere in northern Victoria but honed in on a Yarrawonga property after receiving information following last week's public appeal and announcement of a $100,000 reward over the Kinniburgh murder.

They have searched inside and around a shed on the property with the help of a forensic archaeologist and anthropologist, a cadaver dog and a small excavator.

The current and previous owners of the property have no links to the cases but police say one of their persons of interest had a link to Yarrawonga at the time Blewitt went missing in April 2004.

- AAP