The cyclone is hitting North Stradbroke island, off the coast of Brisbane, according to the latest available update from the Bureau of Meteorology.
At 7.03pm AEST, the bureau uploaded its latest tropical cyclone forecast track map, which shows the centre of the cyclone hitting the island in Moreton Bay.
The bureau said the cyclone was continuing moving slowly towards the south-east Queensland coast, with rainfall, wind and ocean impacts likely to persist tonight and over the weekend.
The areas in the warning zone for the biggest weather effects were: Double Island Point in Queensland to Yamba in New South Wales, including Brisbane, Gold Coast, Sunshine Coast, Byron Bay and Ballina but not including Gympie.
The bureau said Alfred was most likely to cross over the Moreton Bay Islands Saturday morning before crossing the mainland coast, most likely between Noosa and Beenleigh later during the day.