UPDATE:  A SINKHOLE that formed at Inskip Point this morning is only a "few hundred metres" from two previous sinkholes.

Sinkhole at Double Island: Sinkhole at Double Island, Inskip Point

Glen Cruickshank from Rainbow Beach Helicopters told media the current sinkhole was larger than the hole that swallowed 200m of beachfront in September 2015.

"I'd have to say this is slightly bigger," he said.

"This new hole - it's through the beach, it's through the trees, it's a round hole, quite deep and quite big.

"It's quite circular too."

EARLIER: A SINKHOLE has formed at Inskip Point this morning, reported being up to 7.5m deep.

Double Island Point Fishing Charters posted to Facebook stating the sink-hole formed at Inskip Point this morning about 7am.

Footage was posted and hundreds of people have commented, Dan Lotz said "soon there would be no beach left".