Agree with Craig.
I live on this side of town, and I can see huge potential. Bruce is a good investment area, IMHO (although like craig I prefer houses to units) because it is right in the thick of everything. near belconnen, UC, CIT, Calvary Hospital, AIS, etc - plenty of renters requiring accomodation. The trick is to get something that doesn't cost the moon
It is amazing how good old 'charney' which has always had a crap reputation, is fast becoming popular. I am in the new section of MacGregor, and got a great bargain when I bought here - but alot of the newer houses have now been on the market for a while and the asking prices are just unrealistic IMHO, however they are extending this development area even further towards Charnwood, and the properties are still selling, just not quite as fast as they were previously.
My IP is being built out at Casey, as I beleive the Gungahlin area is set to grow a hell of alot bigger yet - but you have to be careful, because many of the already established houses already have big $ signs on them. But our house and land are costing us a fixed price of $418k, and at the moment is looking to be bank valued about 20k more then that once built (conservative estimate). Given that is in 6mths time, we may see even more capital growth before it is even built.
Franklin would have been a good area as well.
Honestly, I think so long as you are getting a good price on the property to begin with- all of Canberra is a good investment oppertunity atm. We are still a growing city. The key is to get the good price and ensure it is in an attractive area for good quality renters. We could have bought something older with more land on the other side of town for the same price, but decided to forgo that for the rental appeal and increased rental income, potential growth and depeciability in the new suburb.
As for Land Tax - not nice, but just a cost of doing business in the ACT.
Have a search of the older threads, I think we discussed this topic of Belconnen area, a couple of mths ago...