A short time later police were told the 14-year-old had left the scene, boarding a bus on Parramatta Road.
He was later found by police near Royal Prince Alfred Hospital, where he was arrested.
A NSW Police spokesperson said the teenager and the alleged victim were not known to each other, and there was no ongoing risk to the public.
At 11am, a blood-spattered bag remained on the footpath beside Science Road. Forensics officers took a blood-stained jumper and scarf into evidence.
In an email to staff and students, university vice chancellor Mark Scott confirmed the victim was a student.
“I am shocked and saddened to inform you that a student in our community was attacked on our Camperdown campus this morning in what police believe is an isolated incident. The student is in hospital and is in a serious but stable condition,” Scott said.
“NSW Police have arrested the alleged attacker and have assured us that there is no ongoing threat to the community.”
Scott said students and staff would need to use their swipe cards to access multiple buildings on campus as police investigate.
The university was less busy than usual on Tuesday, as most students enjoy a break between semesters.
“As a precautionary measure, there may be an increased security and police presence on campus while investigations continue,” a university spokesperson said.
“The safety and wellbeing of our students, staff and members of the community is our priority, and we continue to work with authorities.”
A university clerical staff member, who did not want to be named for privacy reasons, described the moment a security guard entered the medical research institute, the Charles Perkins Centre, and said they were going into lockdown.
“They said there has been a stabbing, and we all have to stay inside until they’ve sorted it,” he said after the building was reopened.
By 10am, the ambulance and some police had left the scene.
Police are expected to address the media on Tuesday afternoon.
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