New South Wales town Broken Hill was the first to be added to the list when it received the honour earlier this week.

But there is a long list of Australian towns that feel they would meet the criteria to be the next National Hertiage listed location.

Betting website SportsBet listed Goulburn, home of the big Merino, as the favourite at $4.

Fellow Victorian city Ballarat was second favourite at $4.25 with Bendigo listed third at $5.

Bendigo Historical Society president Jim Evans said there was a lot of history, culture, people and buildings in Bendigo  that would make the city a good candidate for the National Heritage List.

"I think the fact we still have so many heritage buildings is important," he said.

"But the legacy from the gold rush and the quartz mining that helped build the buildings is also important. There are a number of Victorian (era) buildings here and so many designed by (architect) William Charles Vahland."

Mr Evans said there were also a number of notable Bendigo people that had affected its history.

They included Sir John Quick who was knighted on January 1, 1901 for his outstanding contribution to Federation.

Quick and Robert Garran also published The Annotated Constitution of the Australian Commonwealth, which is considered an authorative work on the Asutralian Constitution.

Broken Hill was aided by a decade-long campaign led by environmental lawyer Simon Molesworth after the Broken Hill City Council nominated the city for the National Heritage List.

Mr Evans said it would be good to see a similar campaign emerge in Bendigo.

"It certainly would be great to see. People are always amazed by the heritage we have and the stories connected to it."

A spokesperson for the Department of the Environment said for a place to be included on the National Heritage list, it must first be nominated.

"Anyone can nominate a place for inclusion on the National Heritage List. 

"Nominations are usually called for on an annual basis. The current call for nominations closes on 6 February 2015."

The spokesperson said nominations need to set out the qualities or values of the place that makes it outstanding to the nation by indicating how the place meets one or more of the national heritage criteria.

The spokesperson said national heritage assessment process is open, consultative and complex, and as such it is difficult to predict how long it will take.

"In making his decision to place the City of Broken Hill on the National Heritage List, the Minister for the Environment agreed with the Australian Heritage Council’s advice that Broken Hill met one of more the national heritage selection criteria," the spokesperson said.

To nominate a place for the National Heritage List visit: www.environment.gov.au/heritage/places/nominating-heritage-place

To see the National Heritage List go to: www.environment.gov.au/heritage/about/national/national-heritage-list-criteria