An "enraged" man armed with a knife has been shot dead by officers in Brisbane's east after he tried to break into a home and made threats towards residents, according to police.

Officers deployed a Taser initially but it didn't stop the man, who then advanced towards officers and made further threats before being shot twice in Wakerley.

Police cordoned off a large area around the Wakerley home where the shooting unfolded. Credit:AAP - Glenn Hunt

Detective Chief Superintendent Mick Niland said Goulburn Street residents called triple zero about 9.50am after seeing a knife-wielding man trying to break into a home.

The 31-year-old Gold Coast man also made threats towards residents before police arrived within minutes of the emergency call being made and confronted the man.