I have about 160K velocity points that I have saved up and never used. Looking for advice on the best way to use these for best discount flights. Wife and I would like to plan a trip to Paris in near future if that’s a possible option? Fine to fly economy
So 160k points for two people is essentially 40,000k points one way per person.
Virgin Australia have two award charts, one for UA/VS/VS flights (which will ignore because they don't help) and one for other partners.
MEL via either SIN/DOH/AUH (SQ/QR or EY) to CDG are all within between 10410 and 10517 miles one way meaning band 12 (the highest) on the award chart:
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Noting that anything over 9501 miles is 75,000 points one way so it's clear you won't have enough points (For two economy round trip MEL-CDG tickets you'd need 300,000 points). Now one option is to possibly get one persons flights on SQ/EY/QR on points and then pay cash for the 2nd ticket.
Another is to get creative with some options, JQ/TZ and other airlines fly from MEL to SIN, you can typically get MEL-SIN return for about/under $1k return, you could then book something from Singapore to the middle east in Y on either SQ/QR/EY, this should be 29,800 points per person one way (~119,200 for the two return). This would allow for stop overs in both Asia and the middle east and keep most flight times under 8 hours.
Once in the middle east you should be able to find reasonable flights for the 6 hour leg to Europe (for example I booked Doha to Stockholm in December for ~$400 oneway).