The Urban Developer | CFMG Adds Third Site to $100m Waraba Greenfield Play

Renee McKeown reports on CFMG Capital's latest acquisition in South-East Queensland's Waraba priority development area, published by The Urban Developer, as the developer moves to consolidate a 1,000-lot greenfield community in Brisbane's northern growth corridor.

The $19 million purchase of a 23.5 hectare site at 510 Bellmere Road, Bellmere brings CFMG Capital's total investment in the Waraba PDA to more than $100 million, forming part of the 200 hectare Ambury masterplanned community scheduled for launch later this year. Combined with a 178 hectare site acquired in early 2025, the developer is positioned to deliver around 1,700 lots across the area with a combined end value of more than $700 million. CFMG Capital general manager Andrew Thomson expressed confidence in Brisbane's northern corridor, noting that growth has historically concentrated in Logan and Ipswich and that Waraba represents a significant long-term opportunity.

Oliver Hume Property Group chief economist Matt Bell welcomed the development, noting that access to land in key regions like Waraba is critical to addressing the acute undersupply driving price growth across South-East Queensland. Bell highlighted that land prices rose nearly 30 per cent through 2025 — a direct consequence of demand consistently outpacing supply — while the region is currently delivering around 6,000 new lots per year, well below the long-term average of approximately 9,000.

Bell warned that without a significant lift in new land supply, affordability would continue to deteriorate regardless of new city initiatives, describing 2026 as shaping up to be another year of stagnant new land sales combined with strong price growth. The Waraba PDA — formerly known as Caboolture West — is expected to ultimately accommodate around 30,000 homes and 70,000 residents between Brisbane and the Sunshine Coast.

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