Step 1: Know what silicones are.
Silicones are synthetic polymers built on a repeating $Si-O-Si$ backbone with organic groups (like methyl) attached to silicon.
Step 2: Check water repelling (I).
The outer methyl groups face outward and dislike water, so silicones are water repelling. Statement I is true.
Step 3: Check thermal stability (II).
The $Si-O$ bond is very strong, so silicones stay stable at high temperatures. Statement II is true.
Step 4: Check easily oxidisable (III).
Silicones are chemically inert and resist oxidation, so they are not easily oxidisable. Statement III is false.
Step 5: Check dielectric strength (IV).
They are excellent electrical insulators with high dielectric strength. Statement IV is true.
Step 6: Conclusion.
The correct properties are I, II and IV only. \[ \boxed{\text{I, II, IV only}} \]