500k Velocity Points is sufficient for round trip economy class but for business, its a stretch. Looking at upgrade options, there aren't really any because every option of getting to London involves a partner airline other than Virgin Australia meaning you can't use your Velocity points to get an upgrade.

In 2026, the number of Velocity Frequent Flyer points (Virgin Australia) needed for a return trip to London varies based on the partner airline and the class of service. For a return Economy Reward Seat via partners like Qatar Airways or Singapore Airlines, you will typically need between 150,000 and 190,000 Velocity points, plus several hundred dollars in taxes and carrier charges. If you are looking for Business Class, the requirement jumps significantly to between 280,000 and 350,000 points for a return journey. These figures are based on "Reward Seat" availability, which is limited; if you use "Any Seat" points-plus-pay, the cost could easily double or triple depending on the commercial ticket price. In 2026, the most efficient way to use Velocity points for London is by booking well in advance (up to 11 months) to snag a "Reward Seat" on Qatar Airways via Doha, which offers one of the best redemption values in the network. Always keep an eye out for Velocity transfer bonuses from credit card partners, which can help you reach these high targets faster and make the dream of a "free" flight to London a reality.