The river here is about 30m deep and, according to the Werribee District Historical Society, used to be the Werribee swimming hole, with diving boards and swimming lanes. Local myth has it that Bungey's Hole was named after a Mr Bungey who accidentally drove his horse and buggy off the clifftop into the water and drowned. In reality, it was shown as Budgel Carnie's hole on an 1845 map, with a notation that it was a 'famed resort of the banyip' (not bunyip). Budgel Carnie was probably a local Aboriginal elder. That name has presumably been contracted over time to its present form.
As the name suggests, access to the cache may be cut off at high water. To find it, the local anglers will show you the way, and you may find yourself following in Bungey’s footsteps. The cache container is nestled in a shaded hollow and hidden by natural camo. Only small swaps please, and BYO pen or pencil. As usual please make sure container seals are in place (but please do not over-tighten), replace all the natural camo and ensure the cache is not visible before you leave.
Have you visited the Geocaching Australia Forum?