ORC said the front that brought heavy rainfall to the region has moved north and rainfall has eased significantly in the Otago Lakes and headwaters.
River levels in the Wakatipu, Wanaka and Hawea catchments have peaked and were now receding.
The rate of rise for lake levels in Wakatipu and Wanaka was now decreasing, and water levels are not expected to increase significantly during the day.
However, lake levels will remain high for the next few days.
ORC natural hazards manager Dr Jean-Luc Payan said high flows from headwaters would now travel downstream.
"This will increase flows in the Lower Clutha catchment, but the extra volume is expected to be well contained by the river.
"ORC staff will continue to monitor the situation and issue further updates as required,” said Dr Payan.
