Jareth and Jake had both attended Proserpine State High School in the Whitsundays and had been celebrating their graduation the night before the accident.
Mitchell also attended the school until the end of Year 10, said the newspaper.
It is understood the boys planned to go to schoolies celebrations, an end-of-school party following final exams, at Airlie Beach.
On Saturday morning they left a house on Paluma Rd in Woodwark and drove into town before returning to pick up some belongings, reported the newspaper.
It was after leaving the property that the crash happened at 11.15am.
Nearby residents are understood to have tried to help the teenagers, after hearing a loud bang when the vehicle hit the tree, but there was nothing they could do, said police.
It should have been a time of celebration for the teens, but instead it was a time of "profound sadness", school principal Chris Roff told the newspaper.
"It was very sad to shake their (Jareth's and Jake's) hands at the graduation on Friday and then they passed away on Saturday," he was reported as saying.
Friends and strangers have taken to Facebook to remember the teens on a page called 'R.I.P Jake Todd, Mitchell Black, Jarros Parris love xxx', which this afternoon (Wednesday) had 2,213 likes.
"There are no words that can express the grief I am feeling for the families of these young men. So young taken way to soon. All our love and thoughts are with you at this very sad time," wrote Suzi Oliver.
Others commented, "It's always the good ones" and "R.I.P boys u will be missed xxxx".
The Police Forensic Crash Unit is investigating the cause of the accident.
