An early morning stroll along the banks of the river
Instead of walking along South Bank for a morning stroll, why not try walking along the Yarra in the opposite direction. There is a little stretch of boathouses that front onto a section of the "Capital City Trail" and back onto the "road" called Boathouse Drive, between The Prince's Bridge where the trail meets Alexander Ave.
On the weekend these boahouses are usually teeming with young people and possibly older people who are training and practising their rowing. It's a fascinating place to visit and see all the activity. Beware, however, there is a lot of traffic of all kinds, including coaches on bicycles riding along the river edge with load speakers hollering instructions as they keep up with the rowers, and then there is the leisure cyclists who weave through the boats to keep on going.
Once you've done this little stretch of the Yarra consider walking along to the Swan Street Bridge, crossing it and then walking back to Federation Square, or alternatively perhaps moving on into Alexandra gardens.
Walking back to Southbank so that we can pass under the Princes Bridge