The hooded culprit was caught on CCTV smashing up to 20 vehicles across car dealerships in the Glen Waverley area during the early hours of November 2.
Monash Crime Investigation detectives released footage of the man entering a Mazda dealership and attacking multiple cars with his axe, causing thousands of dollars in damage.
He later went into a nearby BMW dealership and continued to smash up the front windscreens and doors of several cars, often with just a single blow.
The man later fled the scene on foot along Springvale Road.
He is described as being about 175cm tall with black curly hair, and was pictured wearing a tan coloured hoodie and pants with slide shoes.
Investigators believe the public may be able to help identify the man and assist with inquiries.
Anyone who witnessed the incident, has dashcam or CCTV footage, is urged to contact Crime Stoppers or submit a confidential report online.