He says at least $150m would be required.
The line needs major work at many locations including a 60-metre-long, 50-metre-high viaduct at the Tikiwhata dropout.
He admires the Gisborne Railbike Adventure trip to Beach Loop and recommends it to others.
Mr Goodley said torrential rain on August 12, 1957, took tonnes of rock and soil 100 metres out to sea, and closed both the road into Mahia and the rail line.
It took 19 bulldozers to clear the slip, he said.
Gisborne Herald articles at the time said 300 yards of the rail line, the parallel highway and telephone lines were carried into the sea.
Safety concerns had been expressed for about a week before the slip happened.
During the two previous days NZ Rail workers made frequent changes to the alignment of the rail line as it was progressively thrust seaward by the hillside's slow movement.
At 9am on August 12 cracks opened up on the brow of the hill and quickly widened until the whole section of the hillside was on the move.
“I have never seen anything worse,” transport operator N. Bluck of Nuhaka told the Herald.
NZ Rail staff said 250,000 cubic yards of spoil was carried away with 40 percent of it being carried into the sea.
It was estimated three weeks were needed to reopen the line.
Witnesses said some sheep were carried down with the landslide but were later rescued.
All roads into Gisborne remained open, according to the AA.
Because of the heavy rain, Darton Field (Gisborne airport) was closed for three days, all Saturday sport in Wairoa (the slip happened on a Monday) was cancelled and only one of Gisborne's three city golf clubs was open over the weekend.