I haven't been for the Grand Prix, but I did see V8 Supercars there back in 2013. I stayed at the Hilton Airport hotel, well worth it and very close to the track. We sat in the main stands on the front stretch. If you sit on the upper sections there is a bar in the main grandstands that is really cool with tons of outlets to charge your phone.
We did sit in the stands at turn 1 for one of the practice sessions and you could see a lot more of the track that way than on the front stretch.