Police have retrieved the body of a man who went missing in floodwaters near Grafton in northern New South Wales.

The alarm was raised around 8.30pm on Thursday night after reports a 72-year-old man had disappeared while trying to cross a flooded road on foot at Coledale.

Police and the SES launched an urgent search for the man, locating a body a short time later in a nearby gully.

While the body is yet to be formally identified, Police believe it is that of the missing man.

It comes as parts of the Northern Rivers and mid-north Coast are hit with heavy rain.

The Bureau has warned of more to come with around 100mm of rain likely with the possibility of up to 300mm in some areas.

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