Demolition of the Dreamworld ride that malfunctioned and killed four people, including a New Zealander, has begun almost 18 months after the incident.

The Thunder River Rapids ride at the Gold Coast theme park was closed in October 2016 when a raft flipped and killed Kate Goodchild, Luke Dorsett, Roozi Araghi and New Zealand ex-pat Cindy Low.

Kate's daughter Ebony and Cindy's son Kieran survived after they were flung from the raft. Low was originally from Kawera

Cindy Low was originally from Kawerau. Photo / via Facebook
Cindy Low was originally from Kawerau. Photo / via Facebook

Two of the victims were crushed to death, while the other two drowned in the water below.

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Demolition crews have now moved in on the site - which is hidden behind a 2m metal fence, The Courier Mail reported.

Though it is unclear what will replace the ride, a Dreamworld spokesman said there were no plans in place to build a memorial for the victims.

"No decision has been made on future plans for the... site. Our hearts and thoughts remain with the families," he told the paper.

The families of the victims are reportedly yet to agree on what sort of memorial - if any - should be built on the site.

The husband and son of ex-pat Kiwi Cindy Low, Matthew and Kieran (left), depart with other mourners following her funeral at the Palmdale Hillside Chapel on the Central Coast in November. Photo / AAP
The husband and son of ex-pat Kiwi Cindy Low, Matthew and Kieran (left), depart with other mourners following her funeral at the Palmdale Hillside Chapel on the Central Coast in November. Photo / AAP

The work begins in the same week theme park owner Ardent Leisure forecast a profit in the second half of the financial year.

The company reported a 32.6 per cent increase in visitors and 55.6 per cent rise in revenue between December 10, 2017 and February 13, 2018, compared to the same post-accident period a year earlier.

Dreamworld suffered steep falls in visitor numbers following the fatal accident and the park's subsequent 45-day shutdown

Four people died on the ride at Dreamworld. Photo / AAP
Four people died on the ride at Dreamworld. Photo / AAP

The theme park also had issues with its rollercoasters stopping mid-ride.

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In January last year - just a month after the park reopened following the four deaths - one of the rides shut down, leaving park guests dangling 119m above ground.

It was the first day the ride itself had been re-opened after the Thunder River Rapids horror.

In March, six terrified thrill-seekers were rescued from the Buzzsaw ride after they were left suspended high up in the air for half an hour.

Twelve people had to be freed from the same ride in April after a safety sensor was triggered, bringing the ride to a halt.

A year-long Queensland Police investigation recommended no one face criminal charges over the accident, with a coronial inquest still expected to be held later this year.

- additional reporting Daily Mail