The road was closed to traffic for more than a week after a landslip came down off the neighbouring Marina Terrace Apartments building site on September 8.
Queenstown Lakes District Council spokesman Jimmy Sygrove said the site would continue to be closely monitored and the road closed if a change in stability or risks to traffic or pedestrians were detected.
Mr Sygrove said the council wanted to thank the Wanaka community and local residents for their patience during the clean-up of the slip and the closure of the road.
The council had appointed an enforcement officer who, with the developers, would be investigating the cause of the slip.