FOOTAGE has emerged of the terrifying moment a group of Schoolies became trapped in a free-falling lift on the Gold Coast.

"I can't f-ing breathe," one screams as the full to the brim lift begins to buckle. Others in the lift fainted as the ordeal continued.

The group of 14 students was stuck in the lift for around an hour before being rescued on their second night at Schoolies.

"The brakes actually failed in the process of lowering the elevator which caused us to drop from level eight to the basement," said Cailem Leembruggen who was one of those trapped.

The video shows one person attempting to escape the lift through the compartment's roof.

The incident occurred at the Genesis Apartments in Surfers Paradise on Sunday evening.

In a mobile phone video broadcast by Channel 9, Mr Leembruggen can be heard talking to the emergency services.

"I think we may have possibly overloaded the elevator," he says in a call.

The block's management said that the lift had at least six people too many in the lift.

Queensland Fire and Rescue crews said it took around 45 minutes to free the group. Queensland Ambulance said 14 people were released from a stuck elevator and no injuries were reported or hospital transport was required.