Do you know that the read more tag on that page actually displays less and read less actually displays more?
When I put that page through Pingdom Melbourne I get a 5.09 second load time and 1.6 MB page size. That's a bit long and you get a 45/100 (red) score on Google Developer's Tool for mobile and a 70/100 on desktop: https://developers.google.com/speed/pagespeed/insights/?url=https%3A%2F%2Fwww.yellowoctopus.com.au%2Funique-gifts%2Fgifts-for-men
The site at #1 gets a 79/100 mobile and 92/100 desktop and is only 209 kb and loads in 2.37 seconds on Pingdom: http://tools.pingdom.com/fpt/#!/bol6kH/http://www.giftsforblokes.com.au/
You have what looks to me like some link spam going on. There are 30 domains that link to you on just one IP address and another 20 from a second IP. That's 50 domains across just two IP addresses. The odds of that being natural are astronomical and very, very unlikely. https://ahrefs.com/site-explorer/referring/v2/ips/subdomains/fresh/all/1/refdomains_desc?target=yellowoctopus.com.au
You also have a staggering number of links from .org, .net, .uk, .ru, .de, .info and so on. This is also a high indicator of link manipulation. The site at #1 doesn't have this issue at all.
The vast, vast majority of your backlinks come from images and the anchor text is your brand, not anything to do with men. 45% of your links over time have been deleted, also a very bad quality sign: https://majestic.com/reports/site-explorer?folder=&q=yellowoctopus.com.au
The site I see at #1 is roundly kicking your site's tail at every corner. The site I see at #2 loads a slightly larger page than you but does it in much less time: http://tools.pingdom.com/fpt/#!/dW9TDy/hardtofind.com.au Most of the sites above you also have a better (clean) backlink profile. Hardtofind has over 23,000 links showing up in Majestic, which is huge. Only about 15% of their links are images where yours is closer to 80%. Only 20% of their links are nofollow while 50% of yours are.
Your page is the only one in the top 6 that uses meta keywords and you use them a little bit "old school" - they can generally only be a negative ranking factor and it seems they aren't helping you.
The content across all 4 pages is quite the same so it shouldn't matter that much.
I would say your slightly spammier link profile, slightly slower load times and slightly fewer dofollow, good links are pushing you down. Their stuff is, frankly, better at the moment. And I see DJs and Kmart above you - bad luck about that but if they want your category you're going to have to spin miracles to beat them.
I would check Search Console for a penalty notification although this is most likely an algorithmic adjustment. Those links aren't counting for you. If someone did a disavow on them they may have also gone "too far" with it. It's hard to say. I would check search console settings, including claiming all versions of the site and make sure the HTTPS and www version are your preferred versions.
Then I would try to draw non-image links to the page, maybe add some new content above or below products, work on your link profile overall and push the domain as a whole as well.