Get HTC One or wait for Nexus 5?

My current contract is expiring in December. I know the Nexus 5 is rumoured to be released by the end of October, but I live in Australia and we usually get new tech a lot later than the US. Is the Nexus 5 a significant upgrade on the HTC One? Honestly I don't mind not having 4.4, and I'm partial to the HTC One's silver body, but specs-wise, is the Nexus 5 worth waiting for?