Port Fairy Surf Life Saving club members issued the alert after two shark sightings during the morning.

A club member noticed a shark near the lighthouse at the mouth of the Moyne River while he was on a fishing trip early in the morning.

It was believed to be a white pointer between 1.5 and two metres long.

An aircraft pilot also reported seeing several small sharks in the water along East Beach and north towards the airstrip.

Port Fairy police were notified of both sightings and advised the surf lifesavers when they began patrol duty early in the afternoon.

Senior Constable Chris Carr said it was uncommon for shark sightings to be reported to police but he believed people may have been more cautious on the back of a spate of shark attacks throughout the country.

Surf life saving patrol captain Don Stewart said members tried to ensure people remained close to shore during the afternoon.

He said people who attempted to swim around the buoys off East Beach - a common challenge for tourists to the town - were advised about the potential danger.

Lifesavers in an inflatable rescue boat also warned surfers and a young family that was cruising in a boat.

The reports follow a sighting of a shark in the area several weeks ago.\