Body found after boat tips off Vic coast

The body of a man has been located on a beach in Victoria's southwest after a boat overturned on Saturday afternoon.

Victoria Police say the man, who is yet to be formally identified, was discovered at Codrington about 1.45am on Sunday some three kilometres east of where the boat overturned.

Two men were in the boat when it capsized on Saturday with one of them swimming to shore between Port Fairy and Portland to raise the alarm.

The vessel was located and police are now preparing a report for the coroner.