G'Day Dan,
If it's yakkas you are after in the bay head around Molli Point and follow the break wall all the way down to the end which is Yarra Bay. Just off the wall, about 100 or so meters along the shore line, you will see a rocky outcrop. Anchor about 20-30m off this in about 3m of water over a sandy patch, burley up and there are yakka's galore (when the little sweep down infest the place first).
Hope that helps.
Gav