Divers have located the body of Lucas Cochrane at this spot on a Whitianga waterway.

The family of Lucas Cochrane has thanked all of those who were involved in trying to find the missing Auckland teenager.

The body of Cochrane has been found in a Whitianga waterway, four days after he went missing.

It was his cap, found in a walkway between two properties on the edges of Aquila Drive waterways, that led police to the discovery.

PHILLIPA YALDEN/STUFF Lucas Cochrane, 19, was last seen before midnight at a function at the Whitianga Fire Station on Saturday, September 24.

His father Dave Cochrane, issued a statement on behalf of the family, in which they say "with the deepest regret that they are saddened but relieved to have Luke returned to them.

"The people of Mercury Bay and local businesses, have humbled us with their overwhelming kindness and generosity in our moment of need.

"Police and Search and Rescue, along with family and friends and many volunteers who didn't even know Luke – we give you our heartfelt thanks for your love and support," Dave wrote.

PHILLIPA YALDEN/FAIRFAX NZ Police have searched a blue and white boat anchored in the waterway off Aquila Dr in their search for Lucas Cohrane.

The family have now asked for privacy to grieve.

Cochrane left a friend's family function in Whitianga about 10.30pm on Saturday night and hadn't been seen since. His phone was reportedly active for an hour afterwards.

About 6pm on Wednesday, divers surfaced from the waterway directly in front of the blue home, but did not leave the water.

PHILLIPA YALDEN/STUFF Police searching around a two storey house on the river way off Aquila Dr, Whitianga, on Wednesday afternoon after a hat was found in the area.

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At the police cordon on the edge of Kupe Drive, eastern area commander John Kelly confirmed police located the body.

"Subject to formal identification, of course, however all indications are it is the body of missing person Luke Cochrane."

PHILLIPA YALDEN/FAIRFAX NZ Police national dive squad searches the waterway in Whitianga on Wednesday morning.

Family of the 19-year-old have been informed.

"They are obviously distraught but they also acknowledge the support from the Whitianga community and Search and Rescue volunteers."

The black cap was discovered perched on a fence by a police officer following up on routine inquiries, about 3.30pm.

PHILLIPA YALDEN/FAIRFAX NZ Surf life savers launch IRBs into waterways in Whitianga during the search for missing teen Lucas Cochrane.

Kelly said the home owner had earlier discovered the hat and placed it on the fence, thinking the owner would pick it up.

He could not say how long it had been sitting there.

"The whole town has been checked by Land Search and Rescue."

PHILLIPA YALDEN/FAIRFAX NZ Searchers discuss area to cover in Whitianga.

Shortly before Cochrane's body was found, fewer than 400 metres from where he was last seen with friends at the fire station, friends gathered on the edge of the waterway. Cars parked in the street were plastered with missing person's posters, in the hope their mate was still alive.

On their faces the realisation that he was lost had appeared.

Family had gathered elsewhere on Wednesday night to remember their son and older brother.

PHILLIPA YALDEN/STUFF The Whitianga Fire Station is the base for the search for missing man Lucas Cochrane.

He came to Whitianga for the first time at the weekend with a group of mates.

Together they rented a bach through Book a Bach on the main street of town and went to a gathering at the local fire station to farewell the brother-in-law of a local firefighter.

Drinks were shared and about 10.30pm Cochrane walked out. He never made it back to the rented bach.

For four days up to 50 volunteers have scoured gardens, roads, bushes and waterways for any sign of the 19-year-old.

Masses of food had been donated to feed the masses of people huddling in from the search at the airport hangar, as rain consistently drenched the town.

On Wednesday police divers methodically trawled through the murky and silty waters for any sign of him.

His death would now be referred to the coroner.