Qld search crew set to return to land

Those involved in a search for an elderly boatie who reportedly fell overboard from a yacht at a remote Queensland reef are expected to return to shore.

A 71-year-old man was reported missing on Saturday afternoon when a 23-year-old friend on the yacht anchored off Cato Reef woke to find that the man was not on board.

It sparked an aerial search around the reef in the Coral Sea, which is about 480 kilometres off the central Queensland coast.

The NSW men had set sail from Scarborough near Brisbane on Tuesday last week.

Police divers were called in from Yeppoon and arrived at the reef at about 5am on Monday.

Hervey Bay Water Police Sergeant Paul Bacon said with the passing of time and weather set to deteriorate the search had now transitioned into a "recovery" operation.

He said it was the aim of police to get everyone back to shore by Tuesday afternoon.

"We have no good news at this time," Sgt Bacon told media on Monday.