The value of Velocity points depends on how you redeem them. For instance, if you redeem for a Reward Seat, you could fly from Sydney to Melbourne in Virgin Australia Economy Class for between 6,200 and 9,900 Velocity points + taxes & carrier charges. You could also upgrade to Business Class from a Virgin Australia Economy Choice fare from Sydney to Melbourne for 10,000 Velocity points, or from Economy Flex to Business Class for 4,900 Velocity points.