From my profile you will notice that at least the Eastern side of Lake Macquarie features in my daily life. I don't recognise it as around this local area, BUT .... it could well be on the Western side ... Toronto.... Coal Point, Rathmines, Balmoral, Carey Bay, Wangi, Bonnells Bay, or Warners Bay, Valentine, Marks Point etc....
Also, both OH and myself think this photo is post WWII rather than post WWI .... the yacht nearest to that bike seems to be from that later era, and both of us recollect a vessel along the lines of the one under sail, on the Lake in the 60's and later, off Belmont ...... We have not seen it for many many years though. Family members used to call it a "Chinese Junk" .....
These suburb names I have mentioned may help Cell who mentioned Swansea NSW in one of the early posts.
If it is of any further help, I have had a quick look through some of my local history books and have not noticed any similar photos, but ...... the photo does look so familiar to me, and I really would have loved to have been that one step ahead of Cell and got to it first.
Also, re if female or male .... if female, then she is sitting fairly close to the chap on the bike, even if a relative, it would be unusual to be a female out on a bike around WWI and also being so 'familiar' .... Is it likely to be a male with wavy hair and as been suggested earlier with their bike goggles on top .... or perhaps a beret with a pom pom on top ....
PS, neighbour says "Could be taken from where Toronto Police Station is on Victory Parade, or the old lane way below near the boat shed on the Lake. "Old Lane Way" is now called Victory Row, and it is a car park for the boaties.
May I suggest goodle street view, and Victory Row Toronto to help Cell
Cheers, JM
Oops, google street view, not goodle street view ....