We stayed at Bills place after a couple of days traveling through the Great Ocean Road and then finally stopping in Wye River for a friends wedding.
While there was only 5 of us staying over the weekend there was more then adequate space if you had two families. The view from the deck cannot be beat and inside was nice and cozy, especially if the temperature is right and you get to use the wood fire heater.
We would definitely recommend staying at Bill's place if you are considering staying in Wye River.