Is this a bit of a theoretical question? My take is that the best use of points is to get you to where you want to go in comfort. Travelling to use points for the best ‘value’ is a secondary factor.
With Singapore Airlines though, you’ll get decent value out of both routes, but especially to Europe as their long-haul premium cabins operate all the way to/from Europe and Melbourne and there’s more time in the air. They also operate their A380 to Delhi/Mumbai too, so you won’t lose out if you fly with SQ to India instead.