A concerned member of the public called emergency services about 8.30pm on Thursday to report seeing the boat in Boulder Bay being blown out to sea off Godley Head.
The boat was initially seen in the area about 8.30pm and then spotted again about an hour later.
The person told police they believed there were two people on the boat.
A helicopter, police search and rescue teams and the Coastguard commenced an operation to locate the boat last night.
But a police spokesperson said nothing was found.
"At this time no one has been reported missing or overdue to police but we are asking the public if they have any information or were sailing in the area at the time mentioned to please get in touch with us," the spokesperson said.
"We would also ask if anyone finds a missing boat or a boat trolley on the beach to let us know."
To report any sightings of the boat call 105 and quote reference number P060768883
