The Northern Midlands Council has closed a section of the footpath in Wellington Street, due to the fragile health of the wall near the heritage-listed JJ's Bakery.
Heritage Tasmania has confirmed the wall is not heritage listed.
Mayor Kim Polley said last week that the council would work with landowners to strengthen or repair the wall built about 1830 with sun-baked clay bricks.
A representative of the owner said negotiations had been taking place since 2002.
The wall once ran up Smith Street, around the back of Toosey Aged and Community Care and down Archer Street. The former Emerald Mill and the town's tennis courts, among other things, used to be behind the wall.
Heritage Tasmania acting director David Scott said the council approached consultant Peter Spratt to conduct a report.