But the residents' wait could be a long one, as council staff say any repair might not be until after Christmas.
The large slip, which occurred during June's severe downpour, took a large bite out of the road and also ensnared two passing cars, whose drivers escaped serious injury.
The damage meant nearby residents living on the wrong side of the hole were forced to take a long detour along the peninsula to Portobello before heading back along Portobello Rd to the city.
The council had since introduced controlled access past the slip for nearby residents only, using the road's one remaining lane, but other motorists still faced the lengthy detour.
Council transportation projects team leader Gareth Evans said yesterday repairs to the road were not likely to be completed until after Christmas, unless something changed.
Consultants MWH and Terra MDC had been commissioned to help with the project, and he expected a report with options would be ready by the end of the month, Mr Evans said.
It was not yet known what the likely cost of repairs would be, as that would depend on the option selected, he said.
But, depending on the size of the bill, the decision might have to be referred to a council meeting for a decision, before tenders were called for, he said.
''I doubt we are going to see any traction there before Christmas,'' he said.
However, Peninsula farmers Bob and Sharron Morris, of Sandymount, were philosophical about the wait.
Mrs Morris said her husband had lived on the property his whole life ''and nothing like this has ever happened before''.
The road's initial closure had been ''a bit of an inconvenience'', but the introduction of controlled access for residents only had improved the situation, she said.
''Clearly we'd like it fixed, but ... now that we can at least get through there it's appeased the situation a bit.''
Stock trucks still had to take the long detour via Portobello to reach their farm, adding to the couple's transport costs, she said.
That would become more expensive when lambs started leaving the property in early January, destined for the stockyards in Balclutha, she said.
Peninsula resident Barry McCone, of Seal Point Rd, said he also now had few problems negotiating the slip, but tourists heading down the peninsula were not so lucky.
He regularly spotted tourist vehicles reversing back up the road, having ignored warning signs only to encounter the dead end.
''They just ignore the signs and come down the road.''
Mr McCone, who was one of two drivers to crash into the hole on June 3, said he was happy with the wait for a permanent repair.
''I'd like to see a permanent solution, but I think we're still a wee way away from that.
''As long as we've got access, we're fine.''
Mr Evans said repairing the Highcliff Rd slip was a ''high priority'', but it was among 25 slips caused by June's downpour that still needed repairs.
Planning work was either under way or completed for each of them, but repairs could take up to a year, he said.
Mr Evans was reluctant to speculate on the likely cost of all the work, which could be tendered in batches, but ''it could be many millions''.
''Until we get the final reports it's very difficult to quantify,'' he said.
