Magnus, have you joined the API? As a student member (and GAPI/AAPI) there are quite a few reasonably good resources both in their members section and in their library.

Refer to the property clocks as to where the current thinking is with regard to the investment cycle.

Investment in retail is generally counter cyclical although it is now taking much longer to get development approvals cf: Westfield Centrepoint which has been in planning for 8-10 years, Rouse Hill which is still under construction with the first 3 stages complete etc.

Log into the websites of the REIT's, download their annual returns.

WRT the office sector – there is still a large oversupply of office space in some sectors (A-, B grade) on Sydney's north shore althoug the market is quite segmented – eg North Ryde is under full expansion mode with the introduction of heavy rail by the end of 2008.

Residential – keep looking. There are very few if any reits which will get involved in residential as a means of gaining any returns.

Industrial – quite a profitable sector considering the low rate of unemployment at the moment.

Look outside of the box into infrastructure type reits eg macquarie airports, toll roads and the like although a lot of these have been taking a hammering of late with downgraded ratings.

You will also need to consider the effects of the subprime fiasco and its effect on the ability for reits to refinance their liabilities or to raise alternative funding.