CFMG Adds Third Site to $100m Waraba Greenfield Play
CFMG Capital is expanding its footprint in South-East Queensland’s newest city, spending $19-million to create a 1000-lot greenfield development.
The addition of the 23.5ha site at 510 Bellmere Road, Bellmere joins the developer’s three previous buys that now create the Ambury masterplanned community.
It takes the company’s investment in the Waraba priority development area to more than $100 million.
The 200ha Ambury community is scheduled for launch later this year.
Previous deals also include CFMG Capital’s purchase in early 2025 of a 178ha site further north on Stern Road for $50 million. It is expected to be used in a future development, creating 1700 lots in total for the area and a combined end value of more than $700 million.
CFMG Capital general manager Andrew Thomson said the company was confident in the long-term prospects of Brisbane’s northern growth corridor.
“For many years, the majority of Brisbane’s growth has been focused on Logan and Ipswich, but we expect this northern corridor to come into its own over the next decade,” Thomson said.
“We have $100 million in the region and expect to invest at least that again over the next decade as we bring Ambury and Bells Pocket to life.”
Oliver Hume Property Group chief economist Matt Bell said developers gaining access to land in key regions such as Waraba was key to fixing the acute undersupply of new land in the region.
“Land prices rose nearly 30 per cent through 2025, hurting affordability and is a direct result of ongoing strong demand outstripping the market’s ability to provide new supply,” Bell said.
“South-East Queensland is delivering around 6000 new lots per year, well under the longer term average of around 9000.
“The UDIA has recently showed that the Moreton Bay region accounts for over 30 per cent of the total short-term land pipeline for SEQ and a significant portion of medium and long term supply.
“The Waraba PDA is the largest single component of that future housing supply.”
The chief economist said without a significant increase in new land supply to provide new homes, affordability would continue to worsen even with the new city.
“This year is already shaping up to be another year of stagnant new land sales combined with strong price growth as demand continues to outstrip new supply,” Bell said.
Waraba PDA, formerly Caboolture West, is expected to provide land for around 30,000 homes and become home around 70,000 people. It is between the Sunshine Coast and Brisbane.
The 2900ha PDA was declared in August of 2024 by Economic Development Queensland. Development applications will be assessed by the Moreton Bay Council.
