The bodies of Kim Hunt, 41, and her three children were found in the home later in the afternoon and Wagga Local Area Command Superintendent Bob Noble confirmed a fifth body and firearm had been found in the property's dam. 

The body is believed to be of Mrs Hunt's husband, Geoff Hunt.

"I can confirm that the police diving in who attended here a short time ago located the body of a deceased male person in the dam near the homestead," he said.

"I can also confirm a firearm was located with that deceased person in the dam."

The matter is being treated as a coronial investigation and a brief will be compiled for the coroner.

"The State Crime Command Homicide Squad will be taking the lead on this investigation and they'll be assisted by local detectives and other police here at Wagga Local Area Command," Supt Noble said.

Police arrived on scene on Tuesday afternoon and many worked through the night in an effort to locate Geoff Hunt, who had been missing since his wife and children's bodies were found.

It appears the deaths occurred between Monday evening and Tuesday morning but Supt Noble said a post mortem examination will reveal more information into the time and cause of death.

The body found in the dam has injuries not inconsistent with those that were found the day before.

Officers investigating the deaths have been personally affected, according to Supt Noble, as they live and work in the community which the victims were a part of.

Supt Noble met with Lockhart's mayor, general manager and councillors this morning and spent some time at St Joseph's Primary School today where the young victims, Fletcher, 10, Mia, eight, and Phoebe, six, attended.

"Some of the police here actually know or knew some of the people who were involved as victims in this matter," he said.

"It's been a difficult investigation and operation generally and to that end, there's a lot of people in town here that are suffering greatly," he said.

"I spent some time at the school this morning and there's little hearts breaking all over the place," he said.

Police are still unclear on what incidents led to the events that unfolded over the past few days.

"We need to look at that in its entirety rather than just piecemeal," Supt Noble said.

"Clearly something wasn't right but we'll have to look at all the evidence put together and any number of different perspectives that we'll be able to gain from speaking to people in this community."

* Support is available for anyone who may be distressed by calling Lifeline 131 114, Mensline 1300 789 978, Kids Helpline 1800 551 800.