The federation styled home 'Lumeah', located at 40 Trail Street, has only been with three families since it was built in circa 1902.

During the 1870s the property featured a shingled-roof slab cottage, but the present home was built by well-known builder Charles Hardy for James Hawkins.

Mr Hawkins died in 1919, with the home remaining in his family until 1946, and it was then sold to a retired Wagga businessman Edward Kerfoot. The property was sold for the last time five years later to a local pharmacist and later mayor of Wagga, Morris Gissing.

Mr Gissing's son Peter has lived in the home since he was a baby, but said it was time his family closed their chapter.

"The family has all gone in different directions...it certainly didn't come lightly as everybody is attached to the place," Mr Gissing said.

"My mother is still alive and she spent most of her life living here, but we all came to the realisation that things change and it's time to sell and move on."

The length of the block from the front fence to the back is 100 metres and Mr Gissing said he shares many fond memories as a child and with his own children.

"When dad purchased the place there were still wooden stables and he redeveloped a lot of the backyard; we had chooks, fruit trees and even poddy lambs," he said.

"It's great that some things haven't changed and this house is a good example of that. Most of the changes in the area have been good and progressive, but it's nice to have a place that is anchored in the community."

Lumeah is listed by LJ Hooker and principal agent Richard Rossiter said the home tells many stories, with the facade being one of them.

"It's been amazing how many people have commented that this is their favourite home in Wagga, purely by just driving or walking past; it's a very familiar house," Mr Rossiter said.

"What people don't realise is what is behind the facade and I think it has a great floor plan and there is still a lot of the original character, like the high timbered ceilings which are quite unique.

"The next big story is out the back and there is an opportunity to understand what can be done with the land."

MJM Civil Engineers conducted a report on the home and identified that backyard could be turned into about three town houses.

"This would be a very attractive proposition that is purely based on location, but not everyone wants to go down that road," Mr Rossiter said.

"We've seen a lot of families who are looking for that inner city lifestyle, without forgoing space.

"There are opportunities created for families with being a large block, like space for a pool or courts that you can't typically do in a CBD location."

Mr Rossiter said the property has already received a lot of inquiry, especially from outer region areas.

"I've had people from Sydney and Mulwala calling to chat about the home and inquires have been through the roof as you would expect with a home with this sort of significance," he said.

The property will be auctioned on August 10 in the million-dollar plus category.