While 370k does sound expensive, there are other cheaper alternatives, as with anything else.
Value for money is No 1 when buying and comparing suburbs.
You could do a lot worse than buying something in the low 200s at Bacchus. At that sort of price the facilities at Bacchus may represent fair value for money.
But when the budget gets a bit higher (like $370k) remember that if you buy in a cheap suburb you're getting no more area benefits than somemone who pays $150k less. So except for those who are happy living in a palace surrounded by $250k-standard homes and facilities, $370k represents poor investment value. In contrast, either 2 x $185k cheapies in Bacchus, or a $370k place in a high amenity area next to $400k houses would likely be better investments.
As a property manager I am still looking for the bogins and ferals he has claimed live here - obviously they don't rent through me!
Potentially useful local feedback. There is however a possible vested interest and the buyer should do further investigation, including the visits I recommended.
The Marsh has seen a steady influx of people moving to area from inner Melbourne - people that want to know their neighbours, share a cuppa or beer and a chat.
Very possible. But I'd like to know why they moved. Was it because of an attachment to the area, or because they wanted to buy a house, and areas like Bacchus, Hoppers, Epping were what they could afford?
They know they can get to Geelong, Ballarat or Melbourne within an hour.
This sort of claim is often made for remote areas to cover the fact that have very little within 10 or 15 minutes. It's a funny sort of salesmanship when the main virtues of an area are that it's close to other areas!
I'd rather an area that can stand on its own merits. For an investor, Bacchus certainly can for a $200k budget, but possibly not for a budget near $400k. An owner occupier is different; if they like horses or partake in some sports that need lots of nearby land Bacchus might be ideal. But that is lifestyle, not making money or buying the best assets for your money.
It's not my money, but an investment decision I would think is about buying value.
How do you know you're getting value?
One compares Bacchus (a $250k town) to other $250k areas, comparing both the area advantages and the available housing stock.
* If one $250k suburb has an electric train (Hoppers) but another (Bacchus) doesn't, doesn't that make the former better value?
* If one $250k suburb is nearer the beach and city (Frankston North), but another is further away (Bacchus), does that make the former better value?
* If one $250k suburb (Doveton) has a lot more jobs within 10km than Bacchus, does that make the former better value?
* If one suburb is near a university campus that's not under threat of closure (eg VU St Albans or Sunshine), does that make it better than a suburb whose nearest uni is under threat?
http://moorabool-leader.whereilive....-university-to-close-melton-sunbury-campuses/
* If one $250k suburb (Werribee) has a large shopping centre, is a designated major activity centre and 30 minutes from the city and Geelong but another (Bacchus) isn't, doesn't that make the former better value?
* If you can buy a $370k house in a bayside suburb nearer the city than a $370k house in Bacchus, would you say the former is likely to have higher land value than the latter?
I answer yes to all of the above!
And note none of this is based on emotional things like yearly visits from Santa, but from livability comparisons between suburbs on the basics like jobs, shopping, transport and education.
Nevertheless I'd still say there's nothing inherently wrong with property in Bacchus, and any ardent reader here will know my strong disagreement with Monique Wakelin and her 'within 10km of the CBD' buying theory.
However value for money is key, and $250k in Bacchus scarcely qualifies unless the purchased property has special attributes. $370k would be harder still, since there are so many other higher amenity suburbs that are within reach and would represent better value, again unless the purchased property is special.