The vessel was due to be sunk off Ocean Grove around a 09.15am AEDT on Sunday, but weather conditions meant a delay of about five hours.

John Lawler from the Victorian Artificial Reef Society says calm conditions were needed so the ship could be anchored properly before it was sunk.

"The weather is unpredictable, and that did cause a bit of a delay this morning, but as I said, the contractors persevered to make sure that everything was right, and it did come right," he said.

"And now the vessel is 100 per cent as it should be and that's the success that everybody wanted to enjoy."

Mr Lawler said the ship is in the perfect position.

"They had to be patient and persevere with getting the vessel in the right position and they did that very successfully, and it went down very well, and the commercial divers have just come back to report that the Canberra has scuttled exactly upright and perfect," he said.

The Canberra will become a new reef and a dive venue.