On 12 February 1977, Streatham was partially destroyed by bushfires which spread across western Victoria to the South Australian border. The post office, community hall, and shops were destroyed in the blaze. The fires killed four people and a further seven are believed to have suffered heart attacks.

Other areas that felt the effects of the fire included Penshurst, Tatyoon, Creswick, Pura Pura, Cressy, Beeac, Lismore and Little River. In total, the fires burnt 116 houses, 340 buildings, 103,000 hectares, and close to 200,000 livestock.

The Insurance Council of Australia estimated the 1977 damage at $9 million, with the 2011 estimated normalised cost of $101 million.