DH and I are flying to goldcoast to visit friends for the xmas/new years period. We're leaving on the 28th and coming home new years day and we found flights for about $139 each person each way; flying up with virgin and back with jet star. We had to make our stay around the flights as tickets on other days before or after were going to cost twice that. Also we picked flights that we leaving later in the afternoon rather peak morning period.
So yes you could pay up to that, but look around. Even some airlines have frenzy fridays and 12 midday specials, so you may find cheaper, but you may just have to not be so picky with the days you want to arrive or depart.