where are the opportunities in property?

Bit of a break from the bulls vs bears fight to the death for a while.

Would be interested to hear people's views on where the real money can be made in property, not the bland buy and hold and it will eventually go up strategies, but what are the new opportunities that not everybody is doing?

If (when) I am going to get back in I would like to be meeting the Gen Y demographic, high density, transport zones, dining and cafe precincts - on the GC I like Broadbeach and Mermaid Beach preferably older 2 or 3 story walk ups with low entry cost, low body corporates, renovation potential upside, within couple of blocks to the beach, potentially small enough for the block to be redeveloped long term (land bank). Seems a lot around 250k with reasonable returns to meet holding costs. Wouldn't mind buying a portfolio of 3 or 4 when things settle down.

Units on the GC are generally unloved and investors tend to prefer houses or new apartment with high depreciation and building allowances.