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A statement from Maritime NZ said the two people on board appeared to have had trouble maintaining anchorage.
As a result, the Coastguard vessel from Ōpōtiki is heading to the area to help them.
Authorities also praised the efforts of all those involved, as well as the local media and members of the public for staying alert also.
"Whakatāne's local radio station, Whakatāne Double X Radio, were broadcasting updates on the search when they received a call from a local woman who had sighted a yacht meeting the description of the missing yacht in Ōmāio Bay.
"They passed this information on to the RCCNZ who were able to then direct the helicopter to the area, which confirmed it was the missing yacht."