Using a hardware store compressor is certainly a viable choice.
I have a 1 gallon Porter-Cable. It came with a 18ga brad nailer which I've been able to put to use on projects around the house. It cost me about 60 USD about 2 years ago. It does not have a high enough air flow to drive most air powered tools, but it will fill the tires on the car or inflate the kids pool toys. The gauge on the tank measures the pressure in the tank (up to 80 psi) but CFM is low. You will also need get a regulator to limit the pressure to the brush. This is another hardware store item. In the States, Sears, Lowes and Home Depot hardware chain stores carry small suitable regulator/filters for about 20 USD. You will also need some pipe fittings to hook eevrything up. Again a small cost. Ask the store clerk to assistance in piecing things together.
Perhaps the only rap against it might be the noise. Airbrush compressors are made to be silent. They might be a good choice for apartment dwellers or live with light sleepers. However most hardware store compressors have a storage tank and the motor will cut off when it is full and allow you to work off the tank until the pressure falls below a set point.
I also use my compressor to pressurize a tank when I do resin casting, crank it up full.
Airbrush compressors are essentially a unitask tool. They do the job of powering an airbrush well. However they cannot fill your tires or power an air tool.
It depends on what you really want to do and your budget. That 300 AUD could get you a good mid-range compressor, a nailer, regulator, and all the fittings to hook it up, plus some change back.