The painting (by Eugene von Guerard), was painted on-site on a paper sheet. It previously had the title "Mount Macedon From a Point Between St Kilda and Brighton, 1857". It is Macedon Ranges in the background. St Kilda Pier's earliest form was built in 1853 and is not visible either is the original large headland that was origianlly at Point Ormond (later dug out), so this scene is likely to be somewhere between Point Ormond and St Kilda, quite possible right near the kite beach at St Kilda.
BTW there is a retrospective of von Guerard's work on at the NGV right now, it has views ocean views of Dromana, Cape Schanck and Phillip Island but mainly inland scenes.
Actually, seeing as you got me going. The artist Walter Withers had friends who owned Point Henry in the 1880-90's, he painted several works on the beach there. If you are kite there you might be interested in seeing this:
www.artgallery.nsw.gov.au/collection/works/8558/Mid-tide, seemingly Westerly wind!