The men, aged 43 and 39, were on board a 4.5m runabout boat coming in over Jumpinpin bar near South Stradbroke Island when it capsized on late Monday morning.
Holding onto the boat for a couple of hours before the boat sank deeper and deeper into the water, the two men then latched onto a floating esky and chair to keep their heads above water.
The pair then swam to shore before finding a local man to help call authorities just before 3pm on Monday.
Queensland Police have since released incredible aerial footage (which can be seen above) of one man laying on the shore, waving for help while the boat continues to sink.
Following the extremely close call, Gold Coast Water Police are urging boaties to show extra caution in the water.
In a statement, Gold Coast Water police released a checklist for boaties to run through before heading out (in sometimes unexpected conditions):
- Check all safety gear including life jackets, flares, and EPIRBs;
- Ensure you have registered your EPIRB;
- Get as much information about weather conditions as possible; and,
- Always tell someone where they are going and when they are expected to return.
On Sunday, a South Australian man was killed during a fishing trip with his son when their boat capsized in the Gulf St Vincent north of Adelaide.
The 72-year-old's body was recovered while his 44-year-old son survived the incident. South Australian police said on Tuesday the death was a "complete tragedy for all involved".