Yes. I have the 5 string and its a steal for the price. Upgrade the electronics and you have a bass easily costing double what you paid+the pickups.
I was impressed with a Jag VM Special (P/J configuration) at my local Guitar Center. It felt very nice and surprisingly light (I'm guessing that's normal for Jag bodies). And the sound was very bold and clear too. I traded an older Squier Jazz for one and handed it off to the daughter of a co-worker. No complaints so far.
Is it the black with matching headstock + blocked fretboard? They go for $300 US, whereas the Jag Specials (P/J + natural headstock) go for $200 US. If it's the black/black/blocked Jag, that would be a very good brand-new price, even more so taking currency conversion into account. If it's used, that doesn't sound so bad, as long as it works properly and doesn't look like it's been run through a set of car wash brushes. The others? Not really, but then again, I don't know how much they go for "brand-new-retail" down under.