The good thing with SEPA transfers is that there are no fees. So if you use marketplace like bitcoin.de or other client-to-client exchanges, you can save money on exchange fees.
If you are cost-sensitive I would avoid invidual exchangers. They usually take high fees (for a reason, it is valuable service to some).
In the western countries it is usually not that hard to find people wanting to buy bitcoins OTC. So if you are patient and lucky, you can even make some money in the process

I would do it with following method:
- buy bitcoins from cryptoxchange 5 USD fees + exchange fees (1%?). Or use bitcoin-otc for buying. There might be also other options for Australians
- sell on bitcoin-otc.com, bitcoin.de, bitmarket, bitstamp or intersango
Edit: if you have time, patience and luck, you might even make some money in the process by just buying and selling on bitcoin-otc for a small fee. Even the luck factor isn't so big these days, since the exchange rate has been pretty stable lately. If you do this over the time, it will probably even out.