Question: I am a beginner in Selenium WebDriver (Java with TestNg). I'm trying to create a framework of my own.

My question here is what would be the better option to store my objects (basically all the webelements of my website under test), Page Object Model or External Property file? Why? Is there a better method than those?
Please help.

Answer: 
Use Page Object Model. It follows encapsulation concept. In POM you develop web elements as private members, you will have parameterized constructor and member functions. Actual initialization of web elements happens inside member functions so no elements will be loaded into the stack at the time of constructor creation there by increasing the processing speed.
Using Page Object Model to design your automation test and Pyyaml to read the input/data with yaml format. It's human readable format.