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Very possible and realistic.
I've been to Australia twice.
The first time, in 4 weeks, we drove from Sydney to Canberra, Melbourne, Great Ocean Road (where the twelve apostles are) to Adelaide, Coober Pedy, Red Centre (ayers rock, devils marbles, kings canyon, the olgas, alice springs), Tennant Creek, then over to Cairns, and down the Sunshine Coast and Gold Coast, Brisbane, and back to Sydney.
The second time, in 6 weeks, drove from Sydney straight across the nullabor (takes about 4 days, as you can only drive during daylight hours, as at dusk all the animals come out onto the road, such as kangaroos and cows. Daylight watch out for eagles and emus!) to Perth, via Freemantle, up the west side past Monkey Mia (dolphins come to shore), Broome, Katherine, Kakadu national park (lots of croc's!), and finishing at Darwin.
We bought a car, there are loads of backpackers selling them in places like Sydney, Perth, and Darwin. When they only have a few days before their flight, they get desperate, and will take anything, as the dealer will only pay a couple of hundred dollars. You want to allow yourself a good week to sell it, but this may work out cheaper than hiring. We picked up a car for aus$1000 (£400), and it came with camping gear, like tent and gas cooker. We ended up selling it for aus$2000 to a local! We camped our way round, campsites are about aus$20 a night. Will be expensive otherwise if you are on a budget.
In my opinion, the western side was better, between Perth and Darwin. To me, that is what I imagined Australia to be like. Lots of wild kangaroos, crocodiles, and outback! It is worth going down to the Red Centre too. In 4 weeks this is achievable, if you plan it first. You can plan your route by a map, realistically expecting to achieve 300-400km in a day (full days drive). Then you get more full days in the places you actually want to stop. Plan how many days you are spending at each place. Sometimes you might allow yourself 3 days to drive, but can do it in 2, and gain an extra day into your schedule.
If you can though, go for 5 or 6 weeks. Then you won't feel on such a schedule.
Enjoy!
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- WOW this sounds superb!!!