I’ve done analysis on multiple categories of items that you can purchase from with Qantas and Velocity points – e.g. flights, upgrades, online store items, hotels, car hire and even charitable donations and figured out the $ (or more like cent) value of each. A summary for each is below.
Don’t want to force anyone to read through it but if you do and can give any feedback it’d be much appreciated!
Qantas: https://laymansterms.com.au/how-much-is-a-qantas-point-worth/
TLDR: Classic Rewards flight bookings are going to be the best option and give you a value of 1c – 8c per point. Steer clear of using points to pay for: car hire, hotels, taxes and 3rd party fees, anything from the Qantas Store and “Points Plus Pay” flight payments. Otherwise, you’ll only get a value of 0.5c – 0.7c per point. If you have Platinum status, use your points for flight upgrades to get between 4c – 12c value per Qantas point.
Velocity: https://laymansterms.com.au/how-much-is-a-velocity-point-worth/
TLDR: “Reward Seat” domestic flight bookings are going to be the best option and give you a value of 1.5c – 3c per point. Avoid using points on hotels, taxes and 3rd party fees, the Virgin Australia Online Store or “Any Seat” flight redemptions. Otherwise, you’ll only get a value of 0.2c – 0.8c per point. If you have Gold or Platinum status, use your points for flight upgrades to get between 5c – 13c in value per Velocity point.
I'd rather sell them for cash.