The river dropped below minor flood level of 9.5m at 9.30am on Sunday.
At 8.50am on Monday, the river was sitting at 9.31m.
It is the first time the river has dropped below flood level in months.
While the river reached minor flood level well before this, the river peaked at 12.06m in the early hours of October 17, flooding homes in Shepparton and Mooroopna, cutting off streets and closing the Peter Ross-Edwards Causeway.
The Goulburn River at Murchison is also below flood level now, sitting at 6.216m on Monday morning.
The Goulburn River at Seymour dropped the below minor flood level of 3.8m on Thursday, November 24.
At 10am on Monday it sat at 3.05m.
The Broken River at Orrvale is also below minor flood level, with the river sitting at 3.36m on Monday.
During the height of the flooding, it peaked at 8.35m.
Sevens Creek at Kialla West also continues to sit below minor flood level, at 4.50m on Monday.
The Broken Creek at Nathalia still sits above minor flood level of 1.5m.
At 9am it was at 1.88m.
The Broken Creek at Walshs Bridge also remains above minor flood level.
At 9am Monday it was sitting at 2.38m — 38cm above minor flood level.