Hi ipwarrior,
First of all, location is great! I drive past there on the way to work often, would love to live there myself. I have had a look at the development and it looks nice (as do most new developments), the high ceilings will go a long way towards making the space feel larger than it actually is.
A few things I would consider; who is going to rent the property? I would suggest singles or couples no children (due to size), price wise I would say it is out of reach for the average renter, I mention these points because it reduces your rent base (the rent would be similar to a $400k p & I home loan). Have you put any capital into the purchase, or are you borrowing purchase price plus costs? The outlay per week seems to be very low, but great if that is all it costs. There are a number of developments in the area, have you considered that if a couple settle at the same time there may be a period of time before you can get a tenant, you may also need to reduce your rent for at least the first tenant due to oversupply for a period of time? Have you run an estimation of costs after rent and tax deductions?
I'm not telling you to buy or not to buy the property... just be aware of all possibilities and be prepared. I don't know if this is your first investment or one of many, but an agent will tell you what ever you need to hear to get a sale, he is not thinking of what is best for you!
I hope you find something useful in what I have said, if you have any other questions I would be happy to offer my opinion.