Is there a specific reason why you want to book an award using Qantas points specifically? From my experience (and others chime in if I'm mistaken here) Qantas offers poor value when it comes to international award redemptions, particularly in premium cabins for two reasons: first Qantas charges a huge number of points (and in some cases carrier surcharges) for the privilege of booking an international premium award. For instance, a classic award flight from Sydney to Los Angeles in business class will set you back 108,400 QF points + $332 in taxes and fees:
Second, and most importantly, availability of business and first classic awards is scarce particularly to highly sought after international destinations like the US and Europe (indeed there is a
whole article and
lengthy discussion thread on this).
If I was you, I would look at other frequent flyer programs, particularly with other airline alliances like Star Alliance that will offer a more substantial flight network than Qantas and will hence offer better award availability. In particular, I would encourage you to look at Air Canada's Aeroplan program which is presently selling points at an
85% bonus off the regular price. For instance, flying Sydney to London Heathrow in First class on Etihad will set you back 140,000 Aeroplan miles + $136 CAD in taxes and fees:
With the current promotion Air Canada is running on Aeroplan miles one could buy those miles for $2,800 CAD (~$3000 AUD) which isn't too bad considering you are flying First class to Heathrow!
At the end of the day whether it makes sense to buy points with Qantas, Air Canada, Hilton hotels or some frequent traveller program really depends on what the cost of booking that redemption using points is versus the cash rate. For instance, last month I forked out $1,500 USD to buy 300,000 IHG points. The reason why I did that was that for the places I am staying in the coming months the cash price to book all those hotel rooms was FAR higher than simply redeeming using those purchased points. For instance, I'm staying two nights in Newcastle at the Holiday Inn for 32,000 IHG points (bought for $160 USD) whereas the cash rate when I was looking was $280 USD for 2 nights. Similarly I bought 160,000 Aeroplan miles for $2800 CAD back when Air Canada was running their 100% bonus promotion, and then transferred 60,000 AmEx points to my Aeroplan account allowing me to
book a round-the-world ticket in business class.
What is crucial though is that you have the flights/hotels you want to book ready (along with some alternates) so that when you buy those points you can apply the points right away to confirm that booking. There is no point buying points in speculation that you may have a flight you want to book. If you do that, you'll end up with points in your account but no trip. Points are only as good as the flight/hotel you can book with them.
-RooFlyer88