2.24PM: POLICE have entered the house on Wood St and found no one inside.
The house and surrounding area have been declared safe and nearby streets are now open again.
A police spokeswoman said the situation at Barney Point had been calmly resolved.
The spokeswoman confirmed the possible gunshot reported this morning had been heard over the phone by a third party and reported to police.
Officers continue to speak with those involved.
1.46PM: A POLICE spokeswoman has confirmed officers are currently talking to a man believed to be inside a house on Wood St at Barney Point.
Streets have been cordoned off around the residence after a gunshot was reportedly heard shortly before 11am.
The spokeswoman was unable to confirm if the man was armed, but said officers treated all possible firearm incidents as real until it can be confirmed otherwise.
People are advised to avoid the cordoned off area, and residents of houses inside the area are advised to stay inside until further information is available.
12.11PM: DETECTIVES have arrived at the scene of a reported gunshot on Wood St at Barney Point.
People nearby are being told it is no longer safe to remain in the area unless they are wearing a bullet-proof vest.
This is a developing story. More to follow as details emerge.
11.44AM: POLICE have cordoned off streets in Barney Point after reports of a possible gunshot.
Two ambulance crews are at the scene and a large number of police are active in the area.
The sound was heard shortly before 11am.
MAP | Wood St, Barney Point (IMPORTANT: Not exact location of incident)
11.25AM: A QUEENSLAND Ambulance spokesman has confirmed paramedics are en route to Wood St at Barney Point.
11.15AM: POLICE are responding to reports of a gunshot on Wood St at Barney Point.
A QPS spokeswoman said police were already on the scene and were assessing the situation.
The possible gunshot was heard shortly before 11am.
This is a developing story. Updates to follow as details emerge.