I suggest working out a system and sticking to it. You need to keep yourself motivated so use methods you enjoy, or get yourself a magazine subscription if you haven't already.
I like to think of it as a process of elimination, and tend to use a combination of top down and bottom up approaches to zoom in on a property.
I have a thing for data, which I use as a 'funnel'. For example, the Market Indicators in the back of the API magazine help to work out where various areas are in terms of the cycle, and also the monthly Herron Todd White reports are good. I also scan lead indicators such as vacancy rates, stock on the market and rental data (e.g. RTA in QLD).
Once you work out a general area, have a look at the State Government and local council plans, zoning and flood maps. These can save you a lot of research.
I also use a realestate.com.au search using key words to help find an area with the kind of thing you are looking for. For example, try doing a search across a whole state, and just putting in the search term 'yield' or 'sub-divide' and then sort by suburb. You can soon get an picture of where the opportunities are that suit your strategy. Use the suburb profiles to jump between suburbs and compare supply and demand data and growth patterns.
I also find that maps are also a great to narrow down an area. If you get your hands on a good flood map, you can eliminate most areas before you've even started. Also check transport corridors etc. I also check the Myschool website for school results and catchments.
A useful website for researching suburbs, schools etc. is
http://house.ksou.cn/suburb.php.
Cheers
Jen