This photo is from the State Library of Victoria Collection, H93.406/48. In its comments, the library states "Embossed on mount u.r. (just visible): OSIT STATION. (Possibly SEARS? On mounts SEARS sometimes printed "OPP., STATION, NEWMARKET".) Although the SLV dates the photo to circa 1885, it is from a later period, the younger women's hairstyles being of an Edwardian style. The cleanshaven younger men also point to a post 1900 date.
The family in the photo may be one of the more prosperous families of Flemington. Alternatively the family could have been from Essendon. John A Sears was listed in the 1897 Sands & McDougall Directory living in Laluma St, Essendon. If you can identify any of the people in the photo, please get in touch.