Paynesville is a tourist/holiday resort town with a population of roughly 3600 in eastern Victoria, Australia, about 300 kilometres east of Melbourne. It is often called the boating capital of Victoria. Paynesville was originally called Toonalook which is an aboriginal name for place of many fish.
Paynesville has, in very recent years, enjoyed an enormous surge of wealthy holiday houses, increasing residential property values by an average of fourfold, and higher for waterfront houses. This has sparked expansive development of the historic canal system to create more water frontage for new houses.
Paynesville’s canals create two artificial islands within the township. Burrabogie Island, home to the marina and well known Motor Cruiser Club is at the westernmost end of the small waterfront shopping district, and Fort King Island is a purely residential area.