$解:①当P(6,2),PQ=\frac{9}{2}时,\ $
$∵△PQM的面积为9,\ $
$∴点M到PQ的距离为4,\ $
$∴点M的纵坐标为6或-2,\ $
$把y=6代入y=\frac{12}{x}得x=2,\ $
$把y=-2代入y=\frac{12}{x}得x=-6,\ $
$∴点M的坐标为(2,6)或(-6,-2);\ $
$②当P(2,6),PQ=\frac{5}{2}时,$
$∵△PQM的面积为9,$
$∴点M到PQ的距离为\frac{36}{5},\ $
$∴点M的纵坐标为\frac{66}{5}或-\frac{6}{5},$
$把y=\frac{66}{5}代入y=\frac{12}{x}得x=\frac{10}{11},\ $
$把y=- \frac{6}{5}代入y=\frac{12}{x}得x=-10,\ $
$∴点M的坐标为(\frac{10}{11},\frac{66}{5})或(-10,-\frac{6}{5}).$
$\ 综上所述,点M的坐标为(2,6)或(-6,-2)或(\frac{10}{11},\frac{66}{5})或(-10,-\frac{6}{5}). $