A 60-YEAR-old Brisbane man drowned but two fishing mates survived three hours in heavy seas to reach safety after their boat sank overnight in Moreton Bay near Brisbane.
The body of the dead man from Doolandella in Brisbane's west was found floating off Sandy Island by a passing ferry just before at 9am (AEDT) today.
Police said the 6m fibreglass runabout sank around 3am (AEDT) in rough conditions off Peel Island during a fishing trip.
But a co-ordinated search by water police, a rescue helicopter and the coast guard did not begin until the two survivors raised the alarm with campers after making it to shore at Horseshoe Bay, Peel Island, about 6am.
The survivors were the dead man's 37-year-old neighbour and the neighbour's 54-year-old father-in-law from Sydney. Their names have not been released.
Acting Inspector Ray Vine of Brisbane Water Police said the dead man was not wearing a life jacket.
The survivors were treated for cuts on their legs and feet and exposure at Redlands Hospital and were later released.
Acting Inspector Vine said police would use sonar equipment to locate the boat.
"We don't know why the boat has sunk. However the conditions weren't ideal for small craft," he said.
"There were 20 to 30 knot winds with one and a half to two metre seas and there had been a severe weather warning issued late last night for coastal waters.
"There had been reports from the coast guard that much larger boats of up to 40 feet had been blown ashore in that vicinity during the evening."
Meanwhile, a man and his two children were rescued in Moreton Bay today after their tin dinghy began sinking 2km off Margate, north of Brisbane.
The man, his two-year-old daughter and five-year-old son were taken off the dinghy around 7am (AEST).
The three had been returning from a camping trip on Moreton Island when the boat began taking water in rough conditions about 5.30am.
Queensland ambulance staff treated them at the water police Lytton headquarters.