The four-bedroom house spread over two blocks in Byng Street will be auctioned on what is shaping as a major day for the property market in the desirable city centre.

Friday November 29 will also see the auction of the former Newstead Bowling Club's landmark property in Hill Street.

The two CBD properties stand to reap close to $3.7 million between them if price expectations are realised when they go up for auction within two hours of each other.

A four-bedroom house at 39-41 Byng Street sold for $1.03 million in June 2014 and became the first house in the Orange CBD to crack the million-dollar mark.

Now it is back on the market with a price guide of $1.75 million.

The current record for a CBD house is $1.6 million achieved by 21 Summer Street earlier this year.

The Byng Street house will be auctioned on site at noon on November 29.

Just two hours earlier the former Newstead Bowling Club building in Hill Street will be auctioned on site. It has a price guide of $1.75-1.925 million.

Benchmark rural and lifestyle sales director David Dent said the Byng Street house had undergone major improvements and finishing since it was last sold.

"The value has gone up significantly," he said.

Mr Dent said he believed it could beat the current record price mark.

"We think that it will. It is a double-width block, north facing in the centre of town. It is very private," he said.

The house is on 1400 square metres of land with a pool next to the rear of the house.

Mr Dent said the house was built about the 1890s.

He said he expected interest from a range of people seeking the Orange lifestyle.

"Downsizing farmers, local upgraders and the Sydney buyers will come back in the market," he said.

Mr Dent said a lack of housing supply was pushing up Orange prices with quality houses selling quickly.

Benchmark commercial sales director Nigel Staniforth said there had been interest from prospective buyers in using the Newstead property for a child care centre, commercial premises and community facililties.

Mr Staniforth said the building's zoning also allowed it, with Orange City Council approval, to be returned to being a residence or for other uses including an entertainment facility, accommodation, a medical centre and offices.

The property is on 3526 square metres and is heritage listed.

It was built as a solicitor's residence in 1890 and sold in 1954 to become the Newstead Bowling Club in 1955.

The former bowling greens have been annexed for a separate housing development under construction.

Million dollar-plus residential properties sold in the Orange CBD include: