With all the wind around at the moment there's got to be some good surfing options around Port Philip Bay. I know DJ talks about the waves that form around St Kilda Pier when the South Westerlies are blowing. While browsing the web, I found this photo which is of Davey's Bay in Mt Eliza.
It comes from a website that seems to have a plethora of info on surf breaks all around the Melbourne area:
hoaxcoast.tripod.com/