The property at 489 Conrod Straight has recently hit the market, and the location is bound to be a bonus for motorsport fans.

The near seven-hectare property has been in the owners' family for generations and this is the first time in 88 years it has become available for sale.

The property includes a main house and detached extension that together offer six bedrooms and three bathrooms.

Both areas have undercover verandahs with "soaring views over town".

Additionally, the property offers sheds, a historic orchard, a 6.6-kilowatt solar system, and a town water connection and a dam.

While the property is best suited to residential uses, it's not outside the realms of possibility to repurpose it for commercial or other uses.

"The house has never been offered for sale because it was built 88 years ago," selling agent, Raine and Horne Bathurst director Grant Maskill-Dowton, said.

"Generally, 17 acres this close to town is rare anyway, let alone being on Mount Panorama.

"It's not just being on the track; the views are pretty spectacular, which you don't get anywhere else."

"There certainly is opportunities there for event accommodation, subject to council approval. There are other properties up here that do event accommodation and this property would certainly be in the same position for that as well," Mr Maskill-Dowton said.

The property will go to auction on Thursday, July 30, but reasonable offers will be considered before then.