What determines whether a home is in a good location is completely personal. Some people prefer living closer to the city, or beach, or country, or the 'burbs. There isn't a right or wrong answer here.
We currently live 46kms south east from the city and we are building in the next suburb down which is 48kms from the city. To us the distance to the city is irrelevant as we probably head into the city twice a year. We both work within 10mins of home and our son attends the local private high school which is approx 4kms away that he catches the school bus to. We are near the freeway and close enough to Phillip Island and Gippsland to have some fun day trips.
We have a large shopping centre, public transport, parks, recreational facilities and a large public hospital and smaller private hospital nearby. There is really nothing else we personally need.
So I think the question of whether a location is any good is a personal one based on what is important to you.