Middle of next year is still a long way ahead and its very difficult to predict how the economic climate at the time will affect loadings in the business class cabin or the deals that may be available for business class travel at that time.
Several airlines have offered very good deals in recent times for business class travel, including 2-for-1 deals and heavily discounted fares. Such deals may or may not be offered again for travel at the time you want to go.
If choosing to use QF FF points for upgrades then I suggest you plan and expect to be travelling in the cabin for which you have purchased the fare (i.e. economy) and if an upgrade happens to eventuate then that is a bonus. As a Bronze status FF member you are well down the status chain for securing an upgrade, let alone two. Remember that Qantas now offers Premium Economy on most flights to London so that give you two upgrade options - Discount Economy to Premium Economy (60,000 points per person each way), or Discount Economy to Business Class (96,000 points per person each way).
Note that the 60,000 points you mention for an upgrade to business class is for an upgrade from Full Economy to Business Class. The only fares that quality as Full Economy are those that book into the Y fare booking class and that means an expensive fare. The cheapest Qantas Y fare return to the UK at the moment is QHEE1Y which costs $4615. You can purchase a Premium Economy fare for around $4200 (TPX1Y2).
If you want to be guaranteed to travel in a premium cabin, I suggest looking for a good deal in paid premium economy cabin.
Frequent Flyer redemption seats to Europe in business class during the peak travel periods such as June-September are scarce and need to be booked about 350 days ahead or you will miss out.


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