A giant "sinkhole" at a Queensland camping spot is now relatively stable and may have actually been a landslide, a geotechnical engineer says.

About 300 campers were evacuated from Inskip Point near Rainbow Beach on Saturday night after the large cavity opened up and swallowed a caravan, car, trailer and tents. There were no reported injuries.

"Preliminary advice is that the event may have been a 'near shore landslide' rather than a true sinkhole," the Department of National Parks said in a statement on Monday.

The cavity is now about 200 metres long, 50 metres wide and up to nine metres deep.

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