The level of Lake Wakatipu is receding and is now almost 5cm lower than the peak it reached on Saturday morning.
Businesses near lakeshore in Queenstown have either reopened or are making preparations to do so on Monday.
Otago Regional Council says the lake still has to drop almost five centimetres more, to be below its flood warning line.
Natural hazards director Gavin Palmer says that could take at least a week.
Both Otago Regional Council and Queenstown Lakes District Council say they will continue to monitor lake levels and weather forecasts until Lake Wakatipu drops below the flood warning level.