Hi there, I have a little secret which I would like to share with you all.
Bathurst is not the place to invest in, Blayney is.
I have a few properties in Blayney and they are all going well.
I invested there for a few reasons. Mainly because of the demand and rental vacancies being virtually non existant.
Blayney is a nice little town and you get a lot for your money as compared to Orange and Buthurst which are less than half an hour away. Even nearby Millthorpe is more expensive in comparison.
There is lots of employment in the town and with the work going on in the Cadia gold and copper mine, housing demand will remain high. Just look at the 200 guys living in the caravan park at the moment and for that to double in the near future.
Think about what things are going to be like when the mine is in full production and the new dewatering plant in town.
NSW has not seen a mining boom yet as has happened in WA. I just wish I had bought a few $100K houses in Perth around 2000 before the boom there. I would have been retired now. I am cerainly not going to miss this one. 
I you buy a $350K house there you will get a near new four bedroom home with a double garage on a nice big block of 800 or 900m2. ( Buying a nearly new house is important to maximise you depreciation allowances )
When it comes to renting it out, you can virtually name your price because of the demand. Do not listen to what the local real estate agent says it will rent for. Tell him that you want $600 a week for it and you will get it. 
Your property will be cash flow positive from day one, and allow you to buy more as I have done.
 Sitting back enjoying your properties surplusing money and getting good capital growth over the next few years is the only way to go.
Property in the town is not getting any cheaper as the council has doubled the developers charges pushing up future land prices. Also the builders in town are getting more expensive as well because they are so busy.
The time to get in is now before things really start moving, most people are reactive instead of proactive and try and get in once prices have risen substantially.
If you are considering investing in Bathurst I strongly recommend taking a 25 minute trip to Blayney and see whats going on.  You will be quite surprised.
Have a talk to the locals, real estate agents, people in charge of the miners accomodation, etc to get a feel for whats happening.
Good luck Dudes.