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The small aircraft lost control and crashed into the tarmac just after 5pm.
Vision from the scene shows the aircraft slamming into the ground during an aerobatics performance.
The pilot was the sole occupant of the aircraft when it crashed, police said.
Gasps could be heard from the crowd of thousands as the plane hit the ground.
The Airshow has been called off by officials for the rest of the day as emergency services respond to the incident.
The six-day event is the largest international airshow and aerospace and defence exposition in the Southern Hemisphere.
Gates opened to the public just hours ago, after several trade days earlier in the week.
The Airshow was due to come to a close on Sunday evening.