i think that geographical location doesnt matter. Its important to have dedicated IP and to be on a server which doesnt have illegal web sites.
For google.com is .com .net are great solutions. But for google.rs the .rs tld is the best solution.
No, you'll not, if you own the regional TLD you'll be listed on the regional search engine results. However, if you only own the .com then you have to be hosted on a local IP in order of being listed on the regional search engine results.
I would say to be safe use a .com.au domain and host it locally there, there's not much of a price difference anyways, unless you're looking for a dedicated server.
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If you visit SEO forums you will understand that domain name is nothing for SEO. Content is the king and I suppose you need to stop worrying about that at all
The region a site targets is determined by the Domain TLD or for Google the Region setting in the webmaster tools. If you have a .com and you don't have your region set then search engines may use the GEO Location of your IP to determine your region but the best bet is to use a regional TLD and to set the setting in Google Webmaster Tools.
A lot of what is said in SEO Forums are myth, speculation, assumptions, and bad guesses.