Emergency services were called to Carinya Road at Picnic Point about 10.50pm yesterday, following reports a man was heard calling for help from the water.
Police commenced a search with assistance from PolAir and Marine Area Command.
A short time later search crews located an unoccupied boat and a black sedan.
As inquiries continue, anyone with information, or who may have seen a black Mercedes sedan in the vicinity of Carinya Road at Picnic Point, is urged to call Crime Stoppers on 1800 333 000.