Possibly a fictionalised account of the flood in the Werribee district in 1852. In similar vein to this story, the flood caused the banks of the Werribee River to rise, washing away the home of Edward Davy Wedge. Wedge, his wife and daughter were all drowned.
Source of flood information: '21 May 1852 – The flooding of Werribee', Wyndham History, accessed September 15, 2014, http://www.wyndhamhistory.net.au/items/show/1215.