A woman was stabbed to death at a home in Melbourne’s west when an argument escalated, with a woman believed to be roommates with the victim under police guard in hospital.

The 51-year-old woman’s body was found at a home on Stevenston St in Deer Park about 11.45pm on Thursday.

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CCTV obtained by 7NEWS shows a person at the front door waving to first responders, Fire Rescue Victoria, but the victim couldn’t be saved and she was declared dead at the home.

The woman is believed to have died from stab wounds during an argument at the property.

Multiple neighbours told 7NEWS they often heard fighting and loud parties at the home and have had to call police on a number of occasions.

“I had to call the police just last week because the music was so loud, started at 3am,” one woman said.

Another neighbour said: “They’ve had heaps of people coming in and out, like real rowdy.”

“Every night they have music blaring.”

According to neighbours the occupants of the home only moved in about six months ago.

Police arrested three people at the property who were believed to be house mates of the victim.

A 30-year-old man and a 26-year-old woman were released without charge.

A 38-year-old woman was taken to hospital where she remains under police guard. The nature of her injuries are unknown.

Forensic police spent hours combing through bins at the home on Friday as they continue to investigate what happened.

“The exact circumstances surrounding the death are yet to be determined and investigations remain ongoing,” Victoria Police said.

“It’s believed the parties are known to each other.”

Anyone with any information is urged to contact Crime Stoppers.