A police spokeswoman said several reports of a firearm being discharged in Thomas Burns St were received about 4.40pm yesterday.
A couple of shots had possibly been fired, but the reports had not been substantiated, the spokeswoman said.
Shattered glass, which police cordoned off to inspect, could be seen lying on the kerb near the overbridge to Anzac Square.
Police dog teams and the armed offenders squad later searched a Brighton Rd address, between Creamery Rd and Edna St.
The road was cordoned off by armed officers for about 45 minutes, from 6.05pm, causing traffic to become backed up.
Officers had been trying to locate a person of interest in relation to the alleged shooting.
"Police have not located the person and inquiries will remain ongoing," the spokeswoman said.