Party Point is the busiest single drop on Lonsdale Wall and the best introduction to what the Heads walls actually look like. It takes its name from the fact that a whole charter boat's worth of divers of different levels can be put on it together: the Scuba Doctor listing describes it as usable by Open Water divers to 18 m, Advanced divers to 30 m and technical divers to 45 m, and that layering is exactly how the site is structured.

The wall here is an almost vertical drop from a reef flat at about 12 m. Every 6–9 m down the face there is a step-out – a horizontal ledge – and behind each ledge the limestone has been eaten back into a huge overhang that a diver can swim right into. The first overhang sits at 18 m, the next at about 27 m, and so on down to the sand at 45 m. Each roof is a ceiling of yellow zoanthids, jewel anemones, orange and yellow sponges and soft corals, and the floor of each ledge is where the southern rock lobster sit in numbers. Southern blue devils are reliable in the deeper overhangs, and the open face carries old wives, boarfish, magpie perch and wrasse. Cuttlefish appear in winter and sevengill sharks off the wall in deeper water.

The layout makes it a good site for buddy pairs of unequal experience and for Advanced deep training, because there is always a shallower terrace directly above. It is also the reason for the site's main risk: the next ledge is always visible below, and descending 'just one more' takes a diver past 30 m very quickly. Both slacks are dived. The dive is short, colourful and busy, and for many Melbourne divers it is the first Heads wall they ever see.

Boat access only. Charter boats leave from Portsea Pier (Dive Victoria Group, Bayplay) and Queenscliff Harbour (Dive Victoria Group, Red Boats); run time is about 15 minutes. Private boats launch at Sorrento Boat Ramp (Point Nepean Road, Sorrento, all-tide concrete ramp with trailer parking) or Queenscliff Boat Harbour ramp (Larkin Parade, Queenscliff), roughly 15 minutes to the site.

The site is on the central Lonsdale Wall next to The Mall and Paradise Wall; it is one of the most-used charter drops on the wall. Skippers must call Lonsdale VTS (Point Lonsdale) or listen to VHF 12 for shipping movements before dropping divers, and must carry a dive flag; anchoring is not permitted in the shipping channel, so a live boat and a drop-shot or drift float is the normal method.

It is dived only on slack water, either at the end of the flood (SWF) or the end of the ebb (SWE); most operators prefer the flood slack so that any residual current sets into the bay rather than out to sea. Slack water at Port Phillip Heads does not coincide with high or low water: it falls roughly three hours after high or low water at Point Lonsdale, and the usable window is typically 20–40 minutes. Use the Ports Victoria / Port of Melbourne slack-water predictions for The Heads (also republished by charter operators and WillyWeather 'Rip Bank') rather than a standard tide table.

Being outside or right at the entrance, it is exposed to Bass Strait swell: anything over about 1.5 m from the south-west or south, or a strong southerly/westerly wind against the ebb, produces standing waves in The Rip and charters cancel. Northerlies flatten the entrance and give the best days. Visibility is best in late summer and autumn (Feb–May) when the water is clear and the westerlies have eased; winter brings 11–13 °C water and bigger swells but often the clearest days after a run of settled weather.

Heavy rain has little effect this close to the ocean. The listing warns that 'care still must be taken to ensure all divers are aware of the state of the tide, and their exit strategy at end of slack water'.

Shot onto the reef top at 12–15 m. Open Water divers hold the first step-out at 18 m; Advanced divers drop to the second at 27–30 m; technical divers continue to 45 m. Each step has a huge overhang behind it – swim in under the roof with a torch, then out and along to the next.

Return along the upper terrace, ascend to the reef top, DSMB and drift.

Dive Victoria Group (Portsea and Queenscliff) – double boat dives to the Heads walls most days of the week, site chosen on the morning by slack-water time and swell; Bayplay Adventure Tours (Portsea) – weekend and holiday charters; Red Boats (Queenscliff) – weekend Heads charters; Melbourne clubs (VSAG, Power House Underwater Club, Scuba Diving Melbourne) run their own boats here regularly.