Transferring your points to one of the flight or hotel transfer partners is the best value by far. Even if you don’t have travel planned, having some points in a FF program is great for last minute travel emergencies like travelling next day for a family member and serve as a back up. Plus, points don’t expire for 3 years in Asia Miles or Krisflyer and they don’t expire forever if you keep any activity within 2 years in Velocity. In addtion, even if you don’t redeem your points for flights, you could still redeem them for cash in the FF program after you’ve transferrred as a last resort.
I don’t find hotel programs to be that great since the transfer rate is less than normal FF program transfers. Plus, unless you plan to stay in super luxurious resorts like the Maldives, you won’t get that great of a value with your points.
Finally, if you really can’t decide, cashing out your points for credit on your statement is better than not doing anything at all.
In terms of transfer bonuses, it doesn’t hurt to wait until a couple days before the devaluation to see if any pops up.
I would recommend Velocity as the transfer program of choice in your case. Even though you missed the transfer bonus, they are one of the easiest to use and earn in Aus. You can use for domestic within Aus or international with Singapore, Etihad and other partners. They also don’t expire. Of coure, if a transfer bonus pops up that suits you, go for IT! You really can’t go wrong here!