Are we sure it is 1854 [umm]
On 20 September 1838, wooden two-mast schooner the
Yarra Yarra sailed from Launceston with a cargo and 18 passengers. The vessel was bound for Port Phillip.
Yarra Yarra was never seen or heard of again; a shipwreck is presumed.

Further
There were at least three vessels with the name Yarra Yarra, perhaps more. One was a wooden two-mast schooner that was presumed wrecked in September 1838, another was a Cargo Vessel built in 1877, while the Yarra Yarra profiled on this page was a steam ship that is also now a significant wreck. On the New South Wales Environment Department site where the wreck has been profiled they described the ship thus:
The Yarra Yarra was built by W. Denny and Brothers at Dumbarton, Scotland in 1851 for the Australasian Steam Navigation Company. Fitted with a two cylinder Caird and Company side lever engine generating 200 horse power, the vessel could carry enough coal for seven days continuous steaming. Initially intended for the passenger trade, the Yarra Yarra had accommodation for 50 passengers in the saloon, 30 in the forecabin and 20 as steerage in the forecastle. (Source: NSW Government Environment Department: The ship Yarra Yarra;
Yarra Yarra indigenous name for Waterfall or enduring water course.