Police were called to The Lakes Golf Club at Eastlakes, in the city’s south-east, at 9.30am.
A crime scene has been established and investigations are continuing.
Police divers were called in to retrieve the body, which is believed to be male.
The cause of death is not yet known.
“About 9.30am today, officers from South Sydney Police Area Command attended a golf course on Wentworth Avenue, Eastlakes, following reports of a concern for welfare,” police said in a statement.
“Officers are being assisted by PolAir and the Marine Area Command.
Read Related Also: Bryan Kohberger’s lawyer claims he was on a solo drive night of the Idaho murders — but doesn’t say where
“No further information is available at this stage.”
The Polair helicopter was also at the scene to take aerial scene photos.
Golfers continued their rounds nearby as police divers entered the water to recover the body.
The club’s website says it is one of Australia’s top private golf clubs and “one of the leading major tournament venues in Australia”.
The club has hosted the Australian Open tournament and other professional events.