Arrowtown’s Category 3-listed Butler’s Wall, overlooking Butler’s Green, was built in 1886 to retain the road leading to another former goldmining settlement, Macetown.
Made of stacked schist sourced from nearby Feehly Hill, it was possibly built by Chinese miners who lived nearby.
The council estimated repairs would cost about $2m, and allocated $1.8m in its long-term plan in years 2029-31, towards restoration.
However, Arrowtown Charitable Trust chairwoman Amanda Viana believes it is in desperate need of repair now, and also does not want to wait while costs continue to rise.
She said Butler’s Wall was "a vital gateway connecting the goldmining communities, and it would be a real shame to let it crumble away".
"Waiting until it is beyond repair and building a new wall is a likely option if nothing is done.
"Arrowtown is what it is because of the foresight of those who began protecting its heritage decades ago, so I say let’s continue that foresight."
Ms Viana also said the wall, in time, could be part of a gateway being planned to the Mahu Whenua conservation park between Arrowtown and Wānaka.
Trustee Nick Fifield, who also chairs the Arrowtown Village Association, said there had been concern about the movement of the wall for some time.
Some years ago, safety fencing was put in below the wall to keep people away from it.
And last year, Buckingham St, above it, was made one-way to reduce the strain on it.
"While this is a positive move, more needs to be done to protect this heritage feature," Mr Fifield says.
Asked when he would like restoration to start, he replied "before the next earthquake, really".
"Arrowtown Charitable Trust is hopeful we can raise funds from donations from within our community and from visitors, but we are also open to discussions with local benefactors or partnering with an event organiser if that can help us reach our goal quicker."
A Raisely page, "Help us save Butler’s Wall in Arrowtown", has been created for donations and posters with QR codes linking to the website are being put up around Arrowtown.
Meanwhile, the former director of Arrowtown’s Lakes District Museum, David Clarke, said the wall had "never been well maintained", and that had added to its demise, so the fact something was going to happen was "great".
"I can imagine at night, with a bit of lighting on it, it would be a dramatic feature in that part of town."
