Looks like I'll be spending Christmas and Boxing Days in Sydney.

Where's the best place on land to watch the start of the yacht race, or should I try to get on one of the charter ferries/boats?

Thanks.

I've never seen the start of this race, but in general sailboat racing starts are always best viewed from the water. Rather than pay for a sightseeing boat, walk the docks ahead of time or hang out at a yachties' bar and see if someone will take you out on their boat.