Divisional councillor Tim Dwyer said test excavations had been carried out last month and council was awaiting a final report as to whether the wreck could be safely relocated.
He said there were still numerous milestones to meet before the SS Dicky relocation project could be given the green light.
“First, council has to lock this $180,000 into next financial year’s budget at its June 26 budget meeting,” Cr Dwyer said.
“We will then consider the experts’ findings over the coming months and we will be guided by their advice as to whether the SS Dicky can be relocated in whole or in part and how that will be done.
“Costings on relocating the wreck, creating an interpretive display and long-term conservation methods will be needed before a final decision can be made.
“Understandably, there has been much interest around the future of the SS Dicky wreck.
“The wreck is breaking up quickly and time and tide are against us as this piece of our past slowly but surely disappears.
“If we don’t do anything, we are going to lose a visible connection to the SS Dicky in the not too distant future.
“For me personally, I think it is important to tell the SS Dicky’s story and to have something to show future generations who will not get a chance to see it.
“Council’s decision today at least takes us to the next stage in this conservation project.”
Cr Dwyer said members of the taskforce formed by council to develop a long term management strategy for the wreck, had unanimously voted in favour of the wreck’s relocation.
The taskforce consists of representatives from Dicky Beach Surf Life Saving Club, community heritage representatives, State Government and council.
The SS Dicky ran aground at Caloundra in 1893, its final resting place named after the wreck which has become an attraction for both tourist and residents ever since.