A specialised engineer was at the site on Thursday to assess the situation.
HBCDEMG alternative group controller Iain Maxwell said the engineer's initial assessment found there to be a very low likelihood of catastrophic failure of the landslide.
"At this stage it's looking positive ... it's good news."
However, there was a reasonable probability the landslide and lake would become permanent features, he said.
A more detailed analysis is hoped to be available this afternoon. Wairoa District Council incident controller Kitea Tipuna said four properties in Wairoa downstream of the site had been made aware of the landslide but no water was leaking from the dam and there was no immediate danger.
People are asked to stay away from the area and not try to view the slip, he said.
Farmers have also been asked to move stock away from the landslide.
On the Wairoa side the only way the site can be accessed is through private property.
Paparatu Rd is closed to the public because of the slip and signs installed.
There is no date for when the road will reopen at this stage.