The family of a driver involved in a fatal crash that claimed the life of an 11-year-old Melbourne schoolboy are all "in shock, wishing this was just a bad dream".

Grade five student Jack Davey died in Tuesday's crash while two 11-year-old girls, a 10-year-old girl and a 10-year-old boy were seriously injured and taken to hospital.

The driver, a 40-year-old Hawthorn East mother, was arrested and released following a police interview, with no charges laid.

She had just collected her child from the Auburn South Primary School in Melbourne's east and attempted a U-turn when her car crashed through a fence.

A boy, 11, has died and four others have been injured after a driver crashed into a fence at a primary school in Hawthorn East. (Source: Nine)

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In a statement released by Victorian Police, the woman's family said they remain deeply affected by the tragic incident.

"We are all in shock, wishing this was just a bad dream, but sadly this is our reality," they said.

"To Jack's family, we can only offer our heartfelt condolences; our hearts go out to you and to every family affected by this loss.

"To those injured, may you heal quickly – God bless you all."

Melbourne schoolboy Jack Davey, 11, died after a driver crashed into a school fence while attempting a U-turn. (Source: GoFundMe)

The driver's family said they felt the Davey family's grief.

"It's not about the words we say but the genuine sorrow held within our hearts," the statement said.

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"May God watch over everyone and provide strength and comfort to those who are suffering."

An 11-year-old boy was killed and four others were injured after a vehicle crashed through a school fence in Victoria. (Source: Nine)

They thanked the school staff and emergency workers who responded to the incident.

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"We have assisted with the investigation and please ask for privacy while we come to terms with such an overwhelming tragedy," the family said.

A fundraiser for the Davey family had grown to more than $241,000 (NZ$264,900) by late Friday.