hot spots to buy in 2011, page-3

http://www.dailyadvertiser.com.au/news/local/news/general/wagga-ideal-for-investment-property/2051389.aspx




Wagga ideal for investment property
BY LAURA LITTLE
19 Jan, 2011 01:00 AM
WAGGA has the ability to become an investment property hotspot, but only if more land is released.


Remax owner Kerry Flinn believes that while the city is a good place to buy an investment property, the industry will not boom unless more land becomes available.



Mr Flinn's comments follow Leeton's listing as a potential investment property hot spot in the December issue of Your Investment Property magazine.



It was given a three-star rating as a regional area to watch, coming in behind Maitland (five stars), Tamworth, Coffs Harbour, Armidale and Port Macquarie (four stars).



Mr Flinn said Wagga could also become a regional area to watch, given its low rental vacancy rate and large population, however there was currently not enough available land for that to happen.



"There certainly is a huge need for more land to be released," he said.



"There is an acute shortage."



Working in Wagga's favour was the city's extremely low rental vacancy rate - currently at one per cent - which made it an ideal place to build an investment property, Mr Flinn said.



The city's proximity to Kapooka army base and Charles Sturt University, both which provide large numbers of 'floating' residents, also made Wagga a prime location, he said.



"Wagga has a large floating population, hence you get a very good return on your investment," he said.



Fitzpatricks director Adam Drummond agreed Wagga had the potential to become a prime location for investment properties, saying it offered a "safe investment".



He said the city's investment properties yielded good returns and there was steady growth in the market, with no real fear of prices dropping.



"Until there is further population growth or a boom, property price will be steady," Mr Drummond said.



"It is a safe place to buy an investment property."