Melbourne dad attacked while protecting neighbour says he is no hero but would do it all again

A Melbourne father hailed a hero after he was attacked with an axe and stabbed while protecting his neighbour from intruders said he was doing what anyone would do.

Russell Irwin was in his backyard roasting marshmallows with his children about 7pm on Monday when he heard a piercing scream from next door.

"You know a spider scream to a danger scream, it was pretty gut turning," Mr Irwin told 9News.

"I knew there was a woman inside ... I thought if I can at least take two away, she's got a chance to get out."

The 41-year-old suffered a fractured skull after the armed offenders hit him with an axe and is currently nursing 20 stitches.

Mr Irwin said the attackers were armed with a bat as well as the axe.

He has no regrets about jumping over the fence to interfere.

One struck him in the face with bat, the other - a tomahawk to the head.

The ordeal lasted about 10 minutes and ended with the intruders pointing a gun at the father-of-three who chased them when they ran away.

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"I think they realised they weren't going to put me down so they sorta gave up," Mr Irwin said.

He told 9News the men were shouting about money.

"If you think its okay to run through a stranger's house to get money, just go get a job and get your own money."

The father was left bleeding on the nature strip, while his young children and neighbours called for help.

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Mr Irwin is expected to make a full recovery and is now home from hospital.

Although he is refusing the title of "hero", the Cranbourne boilermaker said he wouldn't think twice about helping a neighbour again.

The attackers who remain on the run are believed to be Caucasian and in their 20s.