Which option is better using Qantas points?

Hi, All; I am new to Qantas FF loyalty program. I have accumulated sufficient points. I am planning a return trip from Melbourne to London between July - August 2025. The questions I would like to ask this forum are and suggest which option is best value for money and points:

Travel Period:
Outbound: mid-July 2025 - Melbourne to London (any airport)
Inbound: beginning August 2025 - London (any airport) to Melbourne

OPTION 1: Purchase a standard (semi-flex) Qantas Economy Class return ticket and use my FFP to upgrade both legs.

OPTION 2: Purchase a Qantas Business Class ticket (points + cash) for both legs.

OPTION 3: I am not sure if this applies or not. I purchase an Economy Class ticket from any One World Carrier and use my Qantas FFP to get myself upgraded to Business Class. Are there any carriers in the One World Pool that offer this service?

I look forward to your help.
Thanks.

Hello and welcome @enaumann2 !

Before answering your question we need to know how badly you want to fly business class. If you definitely want to fly in business class, Option 2 is by far the best option (in fact the only option).

Your chances of upgrading to business class from an economy ticket (ie. option 1) at that time of year (and assuming that you don’t have frequent flyer status with Qantas) are quite low. You need to understand that upgrades from economy are in very high demand, and by no means guaranteed. If you buy an economy ticket, you should prepare to fly in economy and treat an upgrade to business as a very pleasant surprise.

As for Option 3, I’m not sure if Oneworld upgrades using Qantas points have been rolled out yet? See below.

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