Well here are my thoughts (2 cents worth):
1. Greater Sydney - I see growth in the Western corridor outside of blakctown...too much hype there and house has bolted. Campbelltown, Liverpool, Penrith, Bankstown, and South are better options
2. Perth - I would say outer surburbs (25-50klms) with good raillinks are looking cheap again. Inner City apartments are overdone and some of the older property 15-25klms are looking expensive.
3. Central Coast (NSW), Wollongong, and Newcastle will get the flow one from Sydney
4. Brisbane and Sunshine Coast - I believe real growth is still 18 months away
5. Melbourne - again the more affordable areas will move quicker. Believe real growth is 2 years away.
A lot of this will be driven by populatoin growth.