Brisbane's men-only Tattersall's Club has voted to allow women to become members, ending gender-specific discrimination spanning more than 150 years.

Key points: Tattersall's Brisbane president Stuart Fraser says members voted for women in pursuit of financial stability

Tattersall's Brisbane president Stuart Fraser says members voted for women in pursuit of financial stability He says after more than 150 years as a men-only club it was a "significant moment"

He says after more than 150 years as a men-only club it was a "significant moment" Before the vote, women could only attend Tattersall's as guests

The vote was close, with 1,405 members voting in favour of the change and 1,368 voting against.

Tattersall's Club president Stuart Fraser said the motion received an unprecedented response from members.

"A total of 63 per cent of our membership participated in the ballot … the highest for a motion in Tattersall's Club history," he said.

"This is a significant moment for Tattersall's Club — we have been part of Queensland's history for more than 150 years, and we have evolved continuously over that time.

Brisbane Tattersall's Club president Stuart Fraser welcomed the decision. ( ABC News: Josh Bavas )

"We welcome the women in our families, the women in our lives, and the women in our communities."

Mr Fraser said members took the decision to increase patronage and said they want to introduce a family membership model.

The club was founded in 1865 by "a group of gentlemen" prominent in the Queensland thoroughbred horse racing industry.

It describes itself as "one of Australia's most prestigious private membership clubs" and a "home away from home" for its members.

Members last voted on whether to allow women 12 years ago, when the motion was knocked back.

Before the historic vote, women were allowed to attend Tattersall's Club as guests, but not as members. ( Facebook: Tattersall's Club )

Female relatives and friends had been allowed into the club as guests only.

Tattersall's was at the centre of controversy in 2015 when the Liberal National Party announced the club would host its International Women's Day event there.

On Tuesday, the ABC revealed an incoming Queensland judge had put his name to a motion to change the club's voting rules which would have effectively doomed any prospect of women becoming members.

Mr Fraser said the vote was initiated after feedback from members who wanted to address declining patronage.

"This ballot follows the most extensive consultation in the club's history — our members told us they needed us to amend the dress code, dining options and our membership model to reverse a decline in usage of our great club," he said.

"Members told us financial stability was the most important attribute of the club, followed by affordable membership — they told us to focus on increasing patronage and encouraging more people to join, especially our families."