Not sure of the usual value of Velocity points, but there is currently +10% on $25 to $1000 physical Apple gift cards (1st - 15th June).
Email says "$50, $100, $250, or $500 Apple Gift Card", but website shows +10% for $25 card as well (does not include $1000 card).
Also from the website: "Please note that this gift card is physical and will be delivered to your nominated shipping address within 14 working days"
Value breakdown:
- 94,416 Pt -> $550 card (~172pt/$)
- 47,882 Pt -> $275 card (~174pt/$)
- 19,111 Pt -> $110 card (~174pt/$)
- 9,804 Pt -> $55 card (~178pt/$)
- 5,150 Pt -> $27.5 card (~187pt/$)
Considering 7800 points + taxes gets you a Melbourne - Sydney One Way Flight, and 7800 points is only worth about $43.76 in Apple Gift Card value with this offer, I would only consider this if you don't want to use your Velocity Points for anything else.