I started with growth properties, fairly heavily negatively geared... and that was great until my wife stopped working (maternity leave) and we lost half the tax deduction (effectively), so the strategy has slightly changed - acquire a number of cash flow properties to reduce the burden on cashflow until the growth properties rents' catch up.
Postively geared will give you cashflow
Negatively geared will give you tax breaks
Of course there is more to it than that, as others have pointed out. Depending on your strategy, other income sources and (most importantly) your preferred lifestyle, one method or a combination may work better for you.
In the end, whichever you choose, it's all about building a financial future for yourself, and that's always a positive move to make!!!
Bear in mind that with negatively geared properties the number you can hold is lower than with positively geared properties. Also, you are making a loss on negatively geared properties, so if you want to take that path you need to make sure you have a strong likelihood of good growth in the medium term (at least). With positively geared properties, though, you may not have as much capital growth, but you can effectively hold the property at no cost while waiting for the gain (and pocketing some cash in the meantime).
I try to buy properties with good short term capital growth potential, that are either positively (or neutrally) geared at purchase, or that become positively geared within a short period of time.
Positively geared will help you in cash flow but not necessarily capital growth. Less capital growth will not allow you to grow your portfolio unless you have cash to throw as a deposit and not use equity.
Ideal would be find properties which would give you a good cash flow and capital growth
As a broker - if your strategy is to accumulate multiple properties - Positive. The more income the better. Funding can have difficulties with multiple properties in very regional areas.
As an investor - who has multiple properties and then a change in lifestyle - Same as above although, there are variables depending on your strategy, see below.
As a realist - It is not always possible to get positively geared property in good growth areas. If part of your strategy is great Capital Growth - you could find that two or three properties with a balance of NG and PG or Neutral - might get you to the same place as multiple PG properties that possibly take longer to obtain the same Capital Growth.