Lake Wakatipu remains about 35cm away from the first flood warning level, despite another deluge of rain yesterday morning.
The lake's water level reached 310.448m above sea level by 11am.
The first flood warning level is 310.800m and the "possible flooding in Queenstown" level is 311.250m.
The maximum recorded level of flood was 312.780m in November 1999.
Queenstown Lakes District Council emergency management officer Brenden Winder monitored lake levels daily and said he had no concern about the risk of the resort's central business district flooding.
"It would take three to four heavy rain events, back to back, for it to become a problem . . .Each time the water level rises, it takes more water to fill it," Mr Winder said.
"The net effect will be a slight rise and gradual fall in the lake's level and this time next week, it should be the same or lower, looking at the forecast."
The lake had a catchment of 3067sq km but much water was intercepted by vegetation, soil, gullies and roads before reaching the lake, Mr Winder said.
Lake Wakatipu spiked to 310.500m above sea level in early October due to a combination of spring rain and snow melt.
