Emergency services were called to a Slacks Creek address south of Brisbane about 1.14am on Friday and found a critically injured man at the front of the property.
Officers and paramedics gave medical assistance but the man was pronounced dead on arrival at Princess Alexandra Hospital.
"Police are confident this was a targeted attack and there is no ongoing threat to members of the public," Detective Acting Inspector Jason Kitto told reporters.
The victim was known to police and it was believed the people involved knew each other so it was "not a random attack", he said, but could not say if it was gang-related.
It was the second fatal shooting south of Brisbane in days, but not believed to be related to the fatal shooting of a 35-year-old man 10km away at a Beenleigh suburban park on Tuesday.
Paul Tagirara, 22, was arrested when he allegedly tried to escape police by hiding in a pond near a popular dog park after Tuesday's shooting.
Police treat any firearm offence as a priority and are concerned to get guns off the streets, Det Kitto said.
A crime scene was declared at Slacks Creek on Friday as police hunted the shooter, door knocking in the area.
Detectives want to talk to a number of people who left the Slacks Creek scene before police arrived, Det Kitto said.
He appealed for anyone with dashcam footage or other information to contact police.
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