Police were called to a home on Alma Street in Paddington about 12.30pm,with a brief emergency declaration made about three hours later now revoked.
A Queensland police spokeswoman said the man was taken into custody without incident and would be transported to hospital for assessment.
Nobody was injured in the incident and no threats were made against any other person.
In an earlier statement,police said the situation involved a man"inside a home who is making threats".
"Specialist police are in attendance and officers are attempting to negotiate with the man."
Motorists and pedestrians were urged to avoid the area,which included the neighbouring Macartney,Herbert and Ellena streets.