The identity of the deceased has not yet been established.
Reports are that, at about 4 pm, the two friends had an altercation when the younger one used a machete to inflict a chop wound to the neck of the other.
The 14-year-old died on the spot, while his alleged attacker fled the scene.
A large crowd including the parents of both feuding boys are now gathered on the scene.
The Wait-a-Bit Police are investigating.