Hundreds evacuated after water pipe bursts

About 300 people have been evacuated from an inner Melbourne apartment block after a burst water pipe flooded 16 floors.

Firefighters were called to the 20-storey building at Southbank at about 5am on Friday.

A hot water pipe burst on the 16th floor, causing damage down to the ground level.

A Metropolitan Fire Brigade spokesman says the damage bill would be about $100,000.

"It has caused extensive damage to carpets and architraves," he told AAP.

Residents have been allowed back into the building, but power remained off at 8am.