Experts say it is too early to say whether the historic Wickham wool stores will have to be demolished after fire tore through several of the old structures this week.
Only the brick walls are still standing on several of the historic buildings.
The Newcastle landmark buildings on "wool row" found fame as the biggest wool trading depot in New South Wales during the wool boom.
More than 100 firefighters were involved in fighting the fire from Tuesday afternoon and about 40 people were evacuated from the adjacent oil storage facility and a nearby building.
Authorities are yet to determine the cause of the fire.
The devastating fire has shone attention again on the role played by the wool stores in the state's history.
The last sales were a decade ago but the stores had a rich history - not only in the storage of the wool bales but as an auction house, and offices for agents.
Construction of the first large Wickham building began after the start of World War Two, in 1940, and was finished the following year.
The huge warehouse was needed because of high demand for wool, chiefly for military uniforms.
Australia's wool industry responded to not only kit out local troops but also Britain had agreed to buy all of Australia's wool for the duration of the war at an agreed price.
Handling of wool bales in Newcastle grew from 38,247 in 1938-1939 to 173,865 in 1942-1943.
A total of 278,051 bales were loaded in 1947 and by 1953 there were three dumping companies and eight brokers operating in Newcastle.
Too soon it was war again, this time in Korea during the 1950's, which helped usher in that incredible "pound for a pound" wool boom.
As a result the wool industry in Newcastle became the biggest centre of marketing and shipping of wool in NSW.
Several more wool stores, some of which have been converted into residential accommodation, were built in the city's Islington area which came to be called "wool row".
More than 400,000 bricks were used in that original and iconic building built at a cost of 70,000 pounds during the war.
It featured three electric wool elevators and a hardwood timber frame.
More big buildings were to follow.
The earliest records of wool selling in Newcastle date to 1929, when a group of New England and North West wool growers set up the New England & Northern Co-op, known as NENCO.
Over the years the wool sales have shifted around town operating in and around Annie Street, Wickham, the Wool Exchange in King Street, in Darby Street, Carrington, and more recently at the Hannell Street site.
Start the day with all the big news in agriculture! Sign up below to receive our daily Farmonline newsletter.
Chris McLennan
ACM national rural property writer based in Bacchus Marsh, Victoria. Career journalist. Multi award winner.
ACM national rural property writer based in Bacchus Marsh, Victoria. Career journalist. Multi award winner.
