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I just ran the simulation on ModelSim and traced the waitrequest=0 and readdatavalid=1 signals generated by the Avalon translator connected to this on-chip RAM. The readdatavalid is produced properly the next clock cycle when data is ready to read but the BFM master still reads the previous clock cycle
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Try tracing at the BFM interface, i.e., your Qsys design will have BFM<->fabric<->Slave. Since the fabric to slave interface does not have a waitrequest and readdatavalid, try probing at the BFM side.
This might be what you just did, but it was not clear in your description ...
Cheers,
Dave