The sentence itself is good, but to make it real punchy, add "Australia is a highly sought after destination among students studying abroad". Gives it some kick and really ups your English proficiency.

I agree with Darryl. Adding the word "highly" makes the sentence come across stronger. Other ways you can write this and mean the same thing: "Australia is a highly sought-after destination among students who wish to study abroad." "Australia is a highly sought-after destination for students who are looking to study abroad." I hope my answers are helpful as well =)

Yes it is correct.

Yes! Perfect.