Two major greenfield players are padding out pipelines, acquiring greenfield sites and planning more than 4700 homes in a new city just north of Brisbane.
CFMG Capital has completed a $50-million acquisition of a 178.1ha site at Stern Road, Bellmere, in the new growth corridor of Waraba, west of Caboolture.
The Queensland-based property group wants to build a 720-lot masterplanned community dubbed Ambury that would cover 30 per cent of the site.
The remainder of the site would be allocated to infrastructure and open space, including parkland. The developer expects approval for its plans this year.
The new project would join CFMG’s 750-lot project in the area, which it acquired in 2023 for about $30 million. The new plans bring its pipeline to more than 2200 lots.
Meanwhile, ID_Land has secured a 210ha site in the Waraba area in a multi-year deal to build 3000 homes for a project end value of $1 billion.
The site at Old North Road, Rocksberg, has increased ID_Land’s national pipeline to more than $4.5 billion and 10,000 lots. Half are in the City of Moreton Bay, where Rocksberg and Waraba are located.
Oliver Hume chief economist Matt Bell said south-east Queensland had recorded a very strong 2024 in price and sales volumes.
“Although in the December quarter sales dipped slightly, 2024 total sales were up 38 per cent over 2023 levels and only 7 per cent below the peak post-Covid year of 2021,” he said.
“At the same time, median lot prices rose by 16 per cent and dollar per square metre rates rose by 12 per cent.
“The fundamental drivers of interest rates and population growth are expected to remain supportive of continued strong performance.”
CFMG Capital general manager Andrew Thomson (pictured top) said that for many years “the majority of Brisbane’s growth has been focussed on the Logan and Ipswich areas but we will see this northern corridor come into its own over the next decade”.
“There is already a large amount of infrastructure here, and with easy access to Brisbane and the Sunshine Coast, it has the potential to be south-east Queensland’s next great city.
“We have invested more than $80 million in the region ... and will spend that again over the next decade bringing Ambury to life.”
ID_Land managing director Matthew Belford said the Rocksberg site was one of the most significant opportunities in the country and would be their anchor project for the next decade.
“As the group’s biggest acquisition in our 16-year history, these deals underscore our national expansion ambitions, which now includes NSW and South Australia to go with our Victorian and Queensland operations,” Belford said.
“The Rocksberg site was one of the best opportunities that has come to market in many years.”
