As a result, the university has postponed all four of this week's graduation ceremonies and parades.
At this stage no arrest has been made but Southern District Commander Superintendent Paul Basham said the investigation was moving forward.
"While our investigation team continues to make progress, this is a complex and technically challenging inquiry," he said in a statement.
"The team has been putting in some long hours but are buoyed by both the understanding and resilience shown by the community."
Basham said police would have an ongoing and "increased presence" at the university campus in coming days.
"It is highly likely that the person or people responsible for the threat have told others about their involvement," he said.
"We continue to appeal to anyone who has any information to come forward."
DO YOU KNOW MORE?
If you know who made the threat or have information that could help police locate the offender, please call the non-emergency number 105 and quote file number
201208/6592.
Alternatively, information can be provided anonymously through Crimestoppers on 0800 555 111.