The Australian Defence Force regularly used firefighting foam at bases from the 1970s, including at Bandiana, which led to land and groundwater contamination.

PFAS are a group of chemical compounds that do not break down in the environment.

A 2018 report found the chemicals are unlikely to pose a health risk in the Wodonga area, but surface and groundwater has been found to contain the chemicals above guidelines.

A report assessing health risks hasn't been released.

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Shine Lawyers has begun advertising for landowners to join a possible class action while investigating the impact on property prices.

"The potential class action would be on behalf of members of the Wodonga community who own, or have owned property in the contaminated area," the firm's website states.

"Shine Lawyers are investigating whether the contamination by PFAS has negatively impacted land values in Wodonga.

'The Wodonga investigation is not including personal injury claims for exposure to the PFAS contamination.

"We will, however, continue to investigate the potential of a class action for people whose health has been adversely affected by exposure to PFAS chemicals."

The investigation has covered a large area in and around Gaza Ridge and Wadsworth barracks.

The firm reached a $212 million settlement for those in Oakey, Queensland and Katherine in the Northern Territory in February.