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Why not buy something closer to Hornsby and rail for less than this? eg: http://www.realestate.com.au/property-unit-nsw-hornsby-119291915# Good location in established block (not sure about the updated tag though- looks like the kitchen still needs a makeover :D)

Dynastly, I'm guessing you're using the FHOG of $15K to prop up your deposit here hence your preference for OTP and new? If so then I can't understand buyers who still prefer to pay a premium price (up to $150K in this case compared to older properties) that well eclipses the measly $15K cash...