Senior Constable Andy Clinton says Police arrived on scene to find the man unresponsive.
"I have to admit, we feared the worst," he says.
"However thankfully he was able to be revived.
"I have no doubt that if it wasn't for the actions of those people we would have had another drowning statistic on our hands."
The man was transported to hospital by ambulance.
A St John ambulance service spokesperson said they received a call to Richmond Rd, Clive, at 5.02pm.
The man received medical treatment before he was transported to Hawke's Bay Hospital in a serious condition.
Police are keen to thank the rescuers, and plan to speak with them to acknowledge their actions this week.