About 3800 attendees are expected to attend today.
Lines to pick up wristbands slinked right around the OUSA building yesterday.
The party will run from 10am-6pm, and will feature free food and drink, with security and police present to keep things under control.
Hyde St residents Neshia Dawes and Sophie Hammonds, along with their friends from Auckland and Eketāhuna, will be dressing up as a gang of pirates to celebrate the day.
Ms Dawes said they were looking forward to the party but were slightly worried about people entering their house through their garage.
"We’re having our garage door open for the day, that's one thing we’re worried about — random people coming in and through our house. Admittedly, it probably will happen, but that’s OK, I’ve almost made my peace with it.
"In hindsight — or Hydesight — the large fences other flats have used to block off their places may have been a good idea."
Living on Hyde St during the event did have its perks, Ms Hammonds said. She was happy they had a home base within the party gates to hunker down when they needed a break.
"Being out in the street for six hours seems like a lot, so coming back into shelter seems nice.
"We also have street-facing windows upstairs, so we can watch down from above at everyone being silly. That should be fun."
However, not everyone living on the street was a student.
Mavae Manuika moved to Dunedin two weeks ago from Auckland, and was forewarned by his flatmates, who all work fulltime, that Hyde St was a "party-street," but so far he had not had any issues.
However, he would be giving the event a miss.
"We’ll be here in the morning but we have to shoot off to our football game. I think by the time we come back it’ll all be over.
"I think we’ll be looking at a lot of cans and bottles on the street when we get home, but that’s OK, they respect our area."
