Commissioned by Coolbinia couple Rohan and Toni Milne, the hand-built and hand-painted attraction can take up to 43 children or 40 adults.
It was shipped from Italy and was set up in time for Christmas.
Mr Milne said the couple were inspired by a carousel they saw while on holiday in San Sebastian in 2012.
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READ NOWPremier Colin Barnett officially opened the ride on December 18, which followed the re-opening of the $13 million water park, which was closed for 11 months due to contaminated water.
He said he was pleased to be part of the precinct’s first full summer season, with exciting events scheduled.
Mr Barnett said Elizabeth Quay had already had five million visitors to date.
Planning Minister Donna Faragher said the Royal Croquet Club and Chevron Festival Gardens would entertain audiences throughout summer.
Several activities will run throughout summer.