The incident has been deemed non-suspicious. A report will be prepared for the coroner.
His family in New Zealand has been notified.
It was first thought the man was a New Zealand tourist, but is has since been confirmed he lived in Surfers Paradise.
It is understood the man was with friends at the apartment at the time, and they will likely be involved in the investigation
The tragedy comes just days before tens of thousands of school-leavers hit Surfers for Schoolies celebrations for the end of the school year.
A spokeswoman for the Breakers North building has declined to comment on the matter.
There have been a number of balcony tragedies and mishaps at Schoolies in previous years.
Last year, Sydney-born Hamish Bidgood, 18, fell from a balcony at the Surfers Regent Apartments in Surfers Paradise 5am on November 29, Daily Mail Australia reported.
In 2016, another 17-year-old was injured falling from a balcony as he leaned over to reach for something he dropped.
Another four Schoolies in the same year were fined for balcony hopping.
Isabelle Colman, 17, died after falling from a 26th floor balcony at the Chevron Renaissance towers in 2012 while celebrating Schoolies.
In the month before, three others fell to their deaths from Gold Coast skyscrapers.