For storage:

In Malaysia it is worthwhile to invest in a wine fridge, you should aim to keep the temperature constant between 10c - 15c

You should always store red wine horizontally so as to keep the cork fairly moist & reduce the possibilities of cracking or air getting into the bottle resulting in the 'corked' effect.

Humidity is also important, if too dry the cork can crack & ruin the wine with air getting in & oxidizing the wine (corked). High humidity is best somewhere between 65-75% RH.

Keep the bottle in a dark place where it will not be disturbed, a wine fridge dedicated solely to wine is best as the door will not be opened 20 times a day (like a typical kitchen fridge) increasing the risk of moving the wine & so not allowing the sediment to settle properly.

Choosing wines:

The year for the grape used in the wine is very important. In a vintage year the grapes are bursting with flavour & this reflects in the quality of the wine. A good way to start is to research by region because one of the key factors is what the weather was like during that period.

You can find out about Vintage Guides for Australian Reds here.

There will be other pages on the net with similar information to help you choose which wine is good for storage.