The Minister of War & Finance has decreed that we are going to Europe in May/June 2018.
Sydney > Athens via Scoot in May at ~$500 each seems like a good deal, so we're planning to start in Greece and finish in the UK.
It looks like London > Sydney flights in June are ~$800 each.
Should I book now or wait for a deal?
BOOK NOW!!! DO IT!! DO IT NOW!!!
Seriously - prices aren't going to get much cheaper than that. Just ensure you know the cancellation policy of the flights and that you're cool with that. Make sure you have everything else as well planned out and flexible in case something changes between now and then. Book it, live it, love it.