The Australian Heritage Council has pointed to the area's rich Aboriginal, geological, natural and pastoral history.

"The area tells the story of pastoral settlement in the Canberra and Queanbeyan area over a period of more than a century," a statement from Minister Frydenberg's office said.

Preserved in the area are some of the first properties to be built by settlers in the region, known as the London Bridge Homestead Group.

"The group of buildings in a picturesque rural setting illustrate different phases of vernacular construction techniques, typical for rural homesteads."

A nearby woolshed and shearer's quarters provided a glimpse into wool production as well as living and working conditions in the early 20th century.

"This place reflects the importance of the wool industry for the local community and reminds us of a time when Australia 'rode the sheep's back'," the statement said.

Googong Foreshores ranger Nadia Rhodes said there was also a rich Aboriginal culture and history in the area.

"The Queanbeyan River, which comes into the Googong Dam and then flows out afterwards, was a traditional pathway used by the indigenous people," she said. "Then there's the London Bridge Arch, which is also quite significant in terms of indigenous history."

Named by Europeans in 1825, the London Bridge Arch is a natural rock formation on a bend of Burra Creek. Recent finds close to the arch of a campsite, scarred tree and stone artefacts indicated indigenous people had been visiting the area for thousands of years.

"It has been suggested that the area may represent a "staging area" where [indigenous] people gathered prior to heading to the Brindabella Mountains for ceremonies," the statement from Minister Frydenberg's office said.

The Googong Foreshores was an important area ecologically, made up mostly of box gum woodlands and listed as an endangered ecological community, according to Ms Rhodes.

"We've also got pink-tailed worm-lizard habitat, which is listed as vulnerable nationally," she said. "There's hooded robins, diamond firetails and brown treecreepers, which area also listed as vulnerable in NSW."

In being recognised as a Commonwealth heritage site, the Googong Foreshores sits alongside the Lodge, the Carillion and the mint on the list of important heritage places.

"We encourage people to come out and enjoy the area," Ms Rhodes said.