Brookvale shrugging off its blue collar image with rejuvenation and a record $4.25 million sale.

News Corp Australia Network

New suburb record – 29 Pine Ave, Brookvale.

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Brookvale has a new residential suburb record at $4.25 million for a house that will be pulled down to make way for development.

No. 29 Pine Ave is one of the last of the original Italian-owned family homes on a large block in the heart of Brookvale.

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The five-bedroom deceased estate was offered for the first time in 60 years by a brother and sister who had grown up in the house with a mini market garden in the big yard.

The battleaxe block was 1650sqm in size and level. Three developers competed for the property which is zoned R3 allowing for a two-storey 8.5m high medium density building.

29 Pine Ave, Brookvale.

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Bidding opened at $2.8 million and the hammer fell 45 minutes later with northern beaches developers the new owners.

Agent Matt McEwan, of McGrath Manly, said Brookvale was undergoing a rejuvenation, shrugging off its blue-collar image and morphing into a hip place to live with good public transport, microbreweries and gyms and cafes.

“Medium density in Brookvale has been well-received with ground floor apartments with courtyard appealing to buyers priced out of the house market,” he said.

An aerial view – 29 Pine Ave, Brookvale.

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But courtyard apartments have been growing in value too. Mr McEwan said five years ago a typical two bedroom, two bathroom Brookvale apartment with deck or courtyard traded for $780,000, today that same property would sell for north of $1.2 million.

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