I would consider location in any decision. I have always thought real estate is the single best investment for the long term but even with that stated it has its drawbacks. Overall though, I say go for it...especially with the current low interest rates which I feel will go up drastically in the future.
Think that out. The value of a property is very dependant on interest rates. Carrying costs, the amount buyers can afford to bid, etc. If rates go way up, I just don't see how valuations can go any where other than way down. You want to buy at the top? Buy high and sell low is generally frowned upon as a way to aquire wealth :)