UPDATE: A COUPLE has died in a tragic accident after their small boat capsized off the coast of Port Fairy in Victoria's west.
The couple aged in their 60s and their 43-year-old son were on board the 4.4m boat that ran into trouble shortly after 3pm yesterday.
A Victoria Police spokesperson said the son jumped from the boat and swam to shore for help.
The boat then drifted towards waves and capsized about 50 metres from the coast.
Life Saving Victoria spokesperson Jennifer Roberts said a witness alerted lifesavers to the boat's location off Golf Course Beach.
Ms Roberts said by the time three lifeguards arrived at the scene, the boat’s passengers were on the beach.
Ambulance Victoria spokeswoman Gabrielle Degenhardt said paramedics attempted to perform CPR on the elderly couple, but they could not be revived.
A 65-year-old man and a 60-year-old woman, both from Warrnambool, died at the scene.
Their son, also from Warrnambool, was transported to South West Health Care with minor injuries.
Port Fairy Marine Rescue Service communications officer Russell Lemke said a number of vessels had run into trouble in the area in the past.
"It's very common right throughout Australia for recreational fishermen to get just outside the breakers and next thing they know they've been hit by a wave," Mr Lemke said.
He said boat users should tell others about their planned journey, ensure radios and safety equipment works and wear personal flotation devices at all times.
No weather warnings were issued for the Port Fairy region yesterday, with Bureau of Meteorology forecaster Dean Stewart saying conditions on the bays were "nothing out of the ordinary".
Ports Minister Denis Napthine said the accident was a terrible tragedy.
"Our thoughts are with the family and friends of those who died," he said.
"We are also thinking of the third occupant."
Police will prepare a report for the Coroner.
Read more on the Herald Sun.