Thanks to all who replied, the information was very helpful.

Mini, here are the key questions that Lomas advocates asking. Have you seen her books? She has not got as many properties as Steve but she seems to have some good pointers:

What is vacancy rate?
Council improvements?
is there ageing population moving out?
any devs planned in the area with negative impacts?
any devs planned in the area with positive ?
Is Population Growing?
More jobs coming, positions vacant?
Commercial property vacancies?
Are people there buyers or renters?
What is the competition for property?
Future DAs for same property?
Is Property Tenant Friendly?
Condition of Property: ready to rent?
Is there a body corporate?
sinking fund?
body corp search?
Proximity to large city? [strum]