The bodies of two men whose plane crashed into the surf off South Stradbroke Island on the weekend have been retrieved from the wreckage.

Veteran aerobatic pilot Barry Hempel, 60, of Hempels Aviation, and his 35-year-old passenger Ian Lovell of Brisbane were reported missing after taking off on a joy flight from Archerfield airfield in Brisbane's south on Sunday.

The Russian-built Yak-52 single-engined stunt aircraft was last seen by witnesses as it crashed into the surf about 12.15pm (Queensland time) on Sunday just east of Jumpinpin Bar, off South Stradbroke Island.

Gold Coast Water Police Acting Senior Sergeant Mark Kelly said the bodies were extracted from the aircraft, which was resting upside down on the ocean floor, about 1pm today.

"Recovering deceased persons is always a priority for police. It certainly does provide closure for families," he said.

"The retrieval was extremely difficult. The aircraft being upside down made it very hard to get the pilot out, because it was partly buried in sand.

"In the end the divers had to float an airbag off the tail of the aircraft to get the pilot out."

Snr Sgt Kelly said the plane was located quickly thanks the use of sonar gear during the recovery operation. He said a post-mortem examination was now being conducted and a report would be prepared for the state coroner.

"Police and other agencies are conducting investigations into the various scenarios of what may have occurred," he said.