A man has been stabbed repeatedly on Sunday afternoon in the south Brisbane suburb of Annerley, and another man taken into custody.

Police were called to a boarding house on Ipswich Road, near Venner Road, just after 3pm and shut down one northbound lane of Ipswich Road.

A Queensland Police spokesman said the man was believed to have suffered a number of stab wounds and was transported to the Princess Alexandra Hospital, while a police search began.

Shortly after 5pm, a man was taken into custody two blocks away on Norman Street, the spokesman said.

Police are expected to remain on scene for several hours while investigations continue.