Onlookers watched as multiple cranes lifted the Kestrel from her resting place at Wynyard Wharf.

It took all day to salvage but the historic Kestrel ferry that sank to the ocean floor was lifted back onto an Auckland slipway just after 1am Friday.

The crew of 12 salvage experts, including divers and crane operators, said they were happy to see the vessel back above water.

"It was a big relief," Total Marine Services director Brent Shipman said.

FAIRFAX NZ The iconic Kestrel is back in the water after repairs on her hull were completed

"Really happy that she's now sitting on the slipway. I can move on with my life now."

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* Historic ferry Kestrel sinks

* Sunken Auckland ferry Kestrel raised from the deep

The 111-year-old ferry sank at its Wynyard Wharf berth on the Auckland waterfront on March 7.

SIMON MAUDE / FAIRFAX NZ John Murray, left, and Lisa Evans look on as salvage cranes attempt to raise sunken MV Kestrel historic ferry.

The cause of the sinking is still being investigated.

A team of salvage experts contracted by insurer Vero used cranes and pumps on Thursday to float the Kestrel's 170 tonne hull on the Waitemata Harbour's afternoon high tide.

They had it lifted up by cranes at 8pm but it wasn't until five hours later when the tide came in enough for it to be secured and strapped in, Shipman said.

BEVAN READ The Kestrel being raised on Thursday.

It was due to stay at the Titan Marine slipway in Wynyard Quarter for at least the next few days.

From there, its future was unclear, Shipman said.

"There's people showing some interest in it. But we'll see what comes of that I guess. It's in the hands of the insurer now to decide what happens.

SIMON MAUDE / FAIRFAX NZ Salvage cranes work to raise the sunken MV Kestrel historic ferry.

"She's covered in mud inside and out, with a waterblast and a tidy up it would look a lot better."