1) Unless you're going to be doing enough video / photo editing that taking 30 seconds longer to render matters to you, get an i5. You're going to see nearly zero benefit for gaming by spending the extra money for an i7.
2) Don't get a closed loop water cooler, especially not a 120mm one for $110 AUS. A big air cooler will be quieter, cheaper, perform just as well if not better, and has far fewer moving parts that could break. If you don't like that option, get either a 2x140mm one (which will have better performance, will be quieter, and will have a stronger pump) or look at a custom watercooling kit.
3) Get a z97 motherboard if you want to overclock. If you don't want to overclock, why are you spending so much on a cooler and unlocked processor?
4) That ram is a waste - just get 1600MHz, Cas 9 ram. 2x4GB is the way to go, though, so good on you for that.
5) Great pick on the SSD, not so much on the hard drive. Recent Barracudas have had issues with noise and heat - I'd much rather have a Western Digital Blue, or a Hitachi.
6) Not the best 770 out there, but a pretty good option. Only thing is that you don't need the 4GB version - the 2GB will be ever so slightly faster and will be just fine unless you're running something ridiculously modded or ridiculously poorly coded.
7) Power supply is overkill. You only need a 550w PSU at stock, call it 600-650w with overclocking. Look for a good brand that's cheap - in the US it's XFX and seasonic, but I don't know what it's like over on the other side of the world. Power supplies are local things.
8) Great pick on getting windows 8.1; you know that even with the OEM copy you can switch its licence to a new computer when the time comes, yes?