Capital growth. This is what will create wealth. It relates to population expansion, economic drivers, amenities (schools, shops, childcare facilities, medical facilities, sporting grounds, etc…), infrastructure, transport, etc…
Cash flow. This is what will allow you to afford these properties until you can cash in capital growth. So yield is important (and is lacking in Sydney and Melbourne), especially if you are looking at building a property portfolio.
Disclaimer: while due care is taken, the viewpoints expressed by contributors do not necessarily reflect the opinions of Your Investment Property