As at 13 April 2016, the Prince Alfred Bridge is of State heritage significance for its historical values as the first iron truss bridge to be built in New South Wales and the second-oldest metal truss bridge remaining in Australia. In addition it is of significance for its rarity as it is one of only three pin jointed metal trusses remaining in New South Wales. Its historical values include the fact that the cast iron piers were cast in at the Fitzroy Iron Works, the first ironworks in Australia, chiefly from local ores. The Bridge and the piers therefore provides an irreplaceable source of information on the quality and techniques used by Australia's first ironworks and demonstrate the technical achievements of the colony of NSW in producing its own iron. The construction of the bridge was a significant development in the history and development of NSW as it provided easy access to Sydney therefore channeling the resources and wealth of the Riverina district north to Sydney to the benefit of New South Wales rather than south to Melbourne and Victoria
