If you coming up Elizabeth street, there is infact a 2nd option where you swing to the left as if you heading towards flemgington road and there is infact a designated bike box at the end of Peel street where you can do a hook turn and go with the peel street traffic upto Royal Parade.
If you look for a sign on a pole up high outside the green pub on the left (cnr peel and flemington), you'll see a "bicycles hook turn wait here
" sign. It is even aimed at Elizabeth street traffic. Never seen anything similar anywhere else.
btw: the intersection name is "Haymarket Roundabout"