Unless you have google to help you give a perspective of where you are, I would say this walk has almost NO proper guiding instructions or directional arrows of any sort. So you just have to venture and walk, even on unmarked "trails" or grass patches. It is no wonder it is not popular, although it does have marvellous views whenever you manage to hug the cliffs in your walks.
If you still really WANT to go, then I would suggest you BEGIN FROM Bondi Beach and walk north to Watsons Bay. As mentioned, there are almost no marked paths, and much of the time you will be walking on the roads (namely Military Road). But use Google Maps as you walk, and see whether there are any possibility to walk near the cliffs (hug the cliffs, as they say), and you might end up on some open spaces of grass, near the edge of the sea, and at least you get some nice scenery and not just rows of residential houses.
The whole walk is about 2hours, depending on your speed.
Hardly any water dispenser along the way, nor any shops selling food/water, so do ensure you are equipped to walk this distance.
Of course, make sure you take photo with the first light house of Australia: Macquarie Lighthouse. It should easily show up on your google maps as you walk.
At Watsons Bay, grab coffee or ice Cream, and make your way back to Circular Quay by Sydney Ferries, instead of taking the bus (if you had concluded your walk at Bondi instead). Taking the ferry is a nicer way to end the walk.
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