Thank you Bottlenose and NigelT for identifying this beach - it is named Culburra Cove, and according to Bottlenose it was taken by Steve Colvin in the 1930's - 40's.
Today the beach looks much like it did in the photo, except that houses are now built alongside it.
Can anyone tell us why it is named Culburra Cove, and who named it?
Culburra Cove map
The only additional…
Culburra Cove
The only additional information that I could find was in relation to Henry Halloran who also established and named Culburra Beach on the NSW South Coast in 1916. "Culburra" is derived from a Tharawal Aboriginal word meaning "sand".
In June 1919 Land Ltd became insolvent and was wound up and Henry Halloran took over the Port Stephens City site . Halloran was a land developer and speculator. He substantially changed Burley Griffin's design and in March 1920 he started offering blocks of land for sale in the 1st Subdivision.
In the 1st Subdivision plan shown for sale by Realty Realizations Ltd shows various Bays and Points including Culburra Cove. I do not think this is a coincidence and I would be say that Henry Halloran named this beach as Culburra Cove after naming Culburra Beach on the South Coast a few years earlier.
The more colourful version of the 1st Subdivision for sale by Henry F. Halloran & Co does not show any Bays, Points or Coves for some reason.