Definitely no need to look at water cooling unless you're overclocking. 53 degrees sounds like a lot (and the results I'm about to talk about are even higher) but it's honestly not bad. An i5 is an absolutely no danger at those temps, and it wasn't the slightest bit noisy.
So I turned off my air conditioner and ceiling fan, and the ambient temperature in my room settled to 22.8 Celsius but honestly felt warmer. The noise in my room was minimal. I could practically hear a pin drop. After about 10 minutes, Prime95 had my i5 at a max of 60 Celsius and it fluctuated below that for a good 'nother 5 minutes. In terms of noise, I could barely hear anything. No other applications were running. I could hear the slightest little noise. At worst it sounded like someone gently blowing air through their lips, and I mean that in the quietest way possible. For all intensive purposes, it was silent.
Then out of nowhere Prime95 encountered some error about opening my file log and it caused my temps to skyrocket to 65. I still let it run for another 5 minutes, and it actually managed to max out at 67, but it stayed closer to 63 - 65 for those last 5 minutes. In terms of noise though, it sounded like my fan barely picked up. It was just barely audible, and I use the word audible cautiously. Anyone walking into the room at that point would certainly not have even noticed it unless they were looking for it. But yeah, though those temps surprised me, my CPU was fine. Prime95's FFT test is a sort of absolute worst case scenario sort of thing when you're doing the most intensive work. Gaming is not included, as there's really no game out there which will do that or even close to that with your CPU, as my 47 degree max temp while gaming has shown.
67 as a max really isn't bad either, and remember I had my AC and fan off. The point at which an i5-4690k will begin to throttle is 72.72 C according to Intel's site, so though I was somewhat close, I really wasn't worried. There's no real world application that myself or basically anyone uses which can match that in heat generation, and it was quiet as hell, so I don't think it's an issue. There's no need to look at water cooling. The HYper 212 EVO will do just fine.