Steep Point is a headland on the east coast, about 370 m south of Lily Beach and close to Low Point, according to gazetteer data.

As the name suggests, the headland is steep, and the island's shoreline in general drops quickly into deep water – the reef fringing the east coast is narrow and gives way to a steep slope and wall within a short distance of the cliffs. Expect hard coral on the reef top, sea fans and whips on the wall, reef fish such as butterflyfish, angelfish, triggerfish and groupers, and pelagics along the edge – trevally, reef sharks and, in the wet season, possibly whale sharks and mantas. The east side of the island receives far fewer dives than the north, so the reef is likely to be in excellent condition.

The east coast is exposed to the south-east trades for most of the year, when this point will be rough and surge-swept. The only realistic window is on calm days during the wet season, when the monsoon swell affects the north coast and the operators move east. A point like this also accelerates currents.

Steep Point is best described as an exploratory site for experienced divers joining a special east-coast trip. Confirm with the operators whether they dive it before planning around it. The shore is cliffs and rock platform, with no practical shore entry for divers.

Fly from Perth (about 4 hours, two to three flights a week, some via Cocos Islands) and hire a car – there is no public transport. Both dive centres are in The Settlement and launch their boats from the jetty/boat ramp at Flying Fish Cove, normally at about 8 am for a two-dive morning trip. From the cove the boat runs east along the Settlement coast, round Coconut Point and south down the east coast along the coast for roughly about 30 minutes to Steep Point, just south of Lily Beach.

There is no land access to the dive, and the vertical sea cliffs mean no exit other than the boat. Operators choose sites on the morning according to swell and wind.

On the east coast, which takes the full force of the south-east trade winds from roughly April/May to November, when 15–25 knot winds and wind swell usually make it rough and undiveable by boat. It becomes the fallback coast in the wet season (December–March): when the north-west monsoon swell closes the north coast, the east side is often sheltered and calm. Dive it on light-wind days or during the monsoon.

Beyond the fringing reef currents can be strong and the reef edge is washed by surge whenever there is any easterly swell. Visibility is typically 20–30 m and drops after rain and during red crab spawning (Oct–Jan), when Ethel and Greta Beaches are spawning sites.

Descend at the reef edge off the point, follow the drop-off at 15–25 m with any current, then ascend onto the reef top for a DSMB-marked safety stop and boat pick-up.

No regular scheduled dives – may be visited by Extra Divers or CI Wet'n'Dry Adventures on exploratory east-coast trips in calm conditions.