I would assume that companies would much prefer to interview you face to face. Video conferencing is possible of course, but I would think they'd only go down that path for somewhat senior positions. Obviously it wouldn't hurt to apply then wait for a call - you can then decide if it's worth going down to Melb/Syd for an interview even.
Just rocking up in either city without a job though might be difficult, who knows how long you'll need to pay for a house etc before getting an income.
I'd probably suggest staying where you are, applying for stuff and seeing how you go. If you're getting a lot of interest, then take the risk and move down there!
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