CMG Homes in liquidation as Qld construction industry hit with worsening economic conditions

A Brisbane building company of more than 20 years has gone into liquidation amid worsening conditions for Queensland’s already embattled construction industry.

A multi-award winning Brisbane building company of 20 years has collapsed amid debts of nearly $300,000 with one project left incomplete.

Liquidators have been appointed to take control of CMG Homes Pty Ltd which folded on Wednesday.

Documents filed with the Australian Securities and Investments Commission lists its sole director as Ian Joseph Chaplin of Morayfield.

Worrells Brisbane and North Lakes principal Lee Crosthwaite was appointed liquidator who said it collapsed with debts of nearly $300,000.

Ian Chaplin.

Mr Crosthwaite said the company folded with one building project the director was unable to complete.

CMG Homes is a multi-award-winning family owned builder of more than 20 years which operated in Moreton Bay, Brisbane and the Sunshine Coast, according to its Instagram page.

The Courier-Mail made several unsuccessful attempts to contact Mr Chaplin.

It comes with Queensland in grips of a housing crisis, made worse by a brutal storm season and large pipeline of major projects combined with a skilled labour shortage.

Mr Crosthwaite said he was fielding daily inquiries from “small” construction companies across the South East.

It comes following warnings from Master Builders Queensland with the state gripped by the housing crisis and many suburbs in recovery mode from the summer storm season.

Revive Financial’s head of business restructuring Jarvis Archer also warned the construction sector was set to experience high levels of insolvency for at least the first half of 2024.