Vic search for man who fell off yacht

A man has dived into the water in an unsuccessful attempt to rescue a man who fell off a yacht in Victoria.

Police are searching for the Wangaratta man, aged in his 40s, who fell overboard near the coastal town of Seaspray on Monday afternoon.

A man in his 20s dived into the water but was unable to rescue the man and returned to the yacht, police said.