The blaze started in the apartment on the 11th storey of the Surfers Paradise building on Saturday night.
Andrew Grimson said he gathered water to try and put the fire in his apartment in the Equinox complex out but to no avail.
“I went to the kitchen sink probably six or eight times. I couldn’t put it out,” he said.
He said he took the only option available: a dangerous climb to safety across the balcony to next door with the help of his neighbour.
His shocked housemate Marta, who didn’t want to give her last name, was watching from below.
“I really thought that he was going to die in there because the flames were so big,” she said.
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Peter Miles from Queensland Police Service said the footage “was like something out of a horror film”.
Investigators believe the fire was caused by four scented candles.
Grimson suffered minor burns and cuts and the pair have lost all their belongings.
Hundreds of residents were evacuated and more than 80 were assessed by paramedics.
Four were taken to hospital, including Grimson.