Hi Cathy
I used to live in the Bay and like to keep an eye on it.
In the last 12 months the house prices have gone up, due to the jail near Maryborough. The biggest industry in the Bay is unemployment. (That comment will upset some.) It is very tourism orientated and reliant. (Check the size of the Centrelink building.)
There is a large proportion of older people who have retired there, although I've only observed that, not checked the stats.
There are some areas that are very low and would be problematic. A topographical (spelt correctly?) from the Council would be Step 1. They show the land in regards to "above sea level" areas.
The back of some of the suburbs is swampy and there is also a problem with sandflies/midges. Also there was a sawmill at the back of the Bay and this may cause sinking problems in these areas, I think.
Pt Vernon is purely a residential suburb in the sense that there is only a couple of corner stores and a servo. That is why it is so expensive, I think.
There are a huge number of shopping areas being built. There is a modern hospital, a university campus, a TAFE, plenty of schools and shops.
There is a bus service available in town.
Dundowran, Howard and Torbanlea are the outskirts suburbs. I did notice in the papers, that when the jail and it's related boom started, a large number of houses in the Dundowran area suddenly appeared on the market. Just my observation. These areas are a long way out of town and my guess is that there may not be any public transport available for these. If there is, it may not be very frequent.
As with alot of towns, there are alot of housing areas where you need a car for getting around. Keep this in mind when looking.
I guess it depends on what you are after. I would suggest living in the Bay for a while, using that time to learn about the area and then see what you think. You can't beat local knowledge. Oh, and always lock up.
Good luck and enjoy.