i'm new to filmmaking and im an actor who wants to make short films and send them into festivals, does this camera have a good quality that would be accepted into film festivals?

http://www.sony.com.au/dis/catalog/product.jsp?categoryId=22123

If not whats a good camera i can use that is in a good price range of $500 to $1000 maybe a bit more.

thanks:yes:

The good news is, film festivals are looking for quality in the
content (script, acting, directing, cinematography, editing,
music) far more than the quality of the image. So that camera
is just fine if you have an excellent script, great actors and
work hard on the directing, cinematography, editing, music.

I'm sure you've been to several film festivals. What do YOU
look for when watching films there: the story acting, directing,
cinematography, editing, music, or the camera used?

The biggest problem you will face with that camera is it has
no manual controls over the iris, shutter, focus and white
balance and it doesn't have a mic input so you will have to
use the on camera mic (which is give you really poor audio)
or an external audio recorder which adds expense.

True. Look at David Lynch's film Inland Empire. Shot on a Sony DSR-PD150 (I own the PD170 model).

What a magnificent film! If he can shoot such an epic on DVCAM, anyone can.

Rik's right. Content, content, content.