A sinkhole which swallowed cars and caravans on a Queensland beach in minutes at the weekend may have been a 'near-shore landslide'.

A Queensland Government geotechnical engineer said the 200-metre long phenomenon which is now 'relatively stable' may not have been what it seemed.

On Saturday night about 11pm the hole near Queensland's Rainbow beach consumed a caravan, four-wheel-drive camper-trailer and tents, forcing evacuations in the area.

Scroll down for video

A sinkhole which swallowed cars and caravans at a Queensland beach on Saturday night has now stabilised

The area near Rainbows Beach has since settled and the Department of National Parks said the event had 'likely passed'

However it still may slowly expand in the coming weeks, at a much less dangerous rate

The area has since settled and the Department of National Parks said the event had 'likely passed'.

'Advice is that the event has likely passed with the site now relatively stable with a flat beach edge forming,' a statement to the ABC said.

However it still may slowly expand in the coming weeks, at a much less dangerous rate.

Footage emerged on Sunday of holidaymakers scrambling to save themselves when the 150m long sinkhole opened up at 11pm on Saturday near Queensland's Rainbow Beach.

The cause of the sinkhole is still unknown and experts told The Australian, it's the second time in just four years the holiday spot has collapsed.

A sinkhole formed in 2011 and swallowed trees and much of the beach.

A 100m by 100m sinkhole rapidly opened up at around 11pm on Saturday near Queensland's Rainbow Beach

One camper has relived the moment he saw his new $150,000 holiday home (pictured) and car disappear in the murky water

Around 300 people were evacuated including several schoolchildren and one camper told ABC: 'it sounded like thunder and there were trees disappearing... the beach was disappearing.'

The sinkhole expanded so rapidly at MV Beagle Campground, Inskip Point, that it took just minutes to swallow a car, caravan, luxury camping trailer and several tents - but no one was injured.

Scientists have pointed out that sinkholes regularly occur in the area and ruled out recent earthquake activity in southern Queensland as the cause.

Geotechical engineer Allison Golsby told ABC: 'This area has a history where sinkholes occur regularly, it is something to do with the way sediments are formed and the way water moves through the Earth over millions of years or thousands of years.

'Sinkholes are basically those cavities coming to the surface.'

Around 140 people were evacuated including several schoolchildren when the hole opened up at MV Beagle Campground, Inskip Point

The sinkhole is estimated to be about 100 metres by 100 metres and around three metres deep

One camper has relived the moment he saw his new $150,000 holiday home and car disappear in the murky water after teetering on the edge for around 30 minutes.

'It was just eroding before our eyes, it was just falling away,' he said.

Darren Chilton was asleep in his tent when he suddenly heard water lapping just inches away.

'The water was way back there around 10 or 15 metres away. You think you're alright and then there's suddenly water in your back yard.

'Then there was just mayhem with people trying to get stuff out.'

Holidaymaker Casey Hughes told ABC the sinkhole 'sounded like a thunder noise' as it opened up at the camping site near Fraser Island.

Camper Melanie Wotherspoon has spoken out about the near-miss ordeal in a Facebook post.

'Yep can't believe we all made it out,' she said in the early hours of Sunday morning.

The sinkhole opened up at about 11pm on Saturday, during which campers were forced to evacuate

More than 100 holidaymakers were forced to flee the scene in the early hours of Sunday morning

'I thought we were gonners [sic] for sure, was truly scary how fast it came into our camp site and swallowed it all up.'

One woman ran screaming through nearby campsites banging on caravans and yelling for people to get out.

Holidaymaker Janette Michelle Turner has described the moment her family and friends narrowly escaped.

'OMG still can't believe we got out, very scary,' she posted on Facebook.

'It was all gone just still don't know how we all got out one of our friends vans was half over the bank then they winched it out so so close [sic].'

Police and SES crews attended as campers evacuated the area about 11pm on Saturday

More than 100 campers were forced to evacuate the site after a massive sinkhole swallowed several vehicles