The dinghy was found by a boatie about 11.30am yesterday with its oars and fresh bait still on board.
A police spokeswoman said police could not confirm whether the boat had been linked to anyone, but were ''confident we didn't need to keep searching at this stage''.
''Nothing was located but we don't have any reason to have concerns for anyone's safety at the moment,'' she said.
There had been no reports of missing persons.
The spokeswoman said the search was called off about 4pm yesterday.
If new information came to light, police would assess it.
Police still wanted to hear from anyone who might be able to identify the dinghy's owner.
Anyone who recognised the 3m white dinghy or who knew why it was in the area without any occupants should contact Dunedin police on (03) 471-4800.
