The first has a sci-fi/horror/supernatural kinda feel and the second has a more psychological thriller vibe.
Agree. And the second vibe is what I gather to be the actual tone of the story, which is partially why I think it works better. See also, NO CREEPY DOLL EYES. ;)
This link is probably the most informative one I've read so far: http://filmink.com.au/news/aussie-antihero_2/
(They are keeping a lot under wraps though.)