After conducting 15 joy flights from the Geelong helipad from about 1145, the pilot flew two passengers on an advertising project. One of the passengers, a local radio announcer, was tasked to perform a live radio cross from the helicopter. On the commencement of the last approach to land to the south east, the pilot estimated the wind to be 15 kts from the north west. He advised that when on short final, 200 metres from the helipad, he noticed a sudden wind shift and the helicopter experienced loss of lift. He increased throttle and collective in an attempt to maintain height and reach the helipad. However, rotor RPM decayed and the helicopter settled into the sea 60 metres short of the helipad. Subsequent viewing of amateur video footage showed the latter part of the landing approach to be very shallow, followed by a classic example of overpitching with the main rotor disc coning and the RPM audio decreasing as the helicopter descended into the sea. No fault was reported with the airframe or engine which may have contributed to the accident.