23/01/2017 2:01 PM AEDT | Updated 23/01/2017 7:04 PM AEDT

There's Now A $1 Million Reward To Solve The Cold Case Of Two Bendigo Teenagers

The pair were last seen leaving a YMCA dance, 49 years ago.

Supplied: Vic Police
Allan Whyte, 17, and Maureen Braddy, 16, were last seen leaving a YMCA dance in 1968.

A one million dollar reward has been offered to anyone with information surrounding the disappearance of two Victorian teenagers almost 50 years ago.

Maureen Braddy, 16, and Allan Whyte, 17, went missing in 1968 on Saturday, November 23, in the Victorian town of Bendigo. They were last seen leaving a YMCA dance in Mundy Street at California Gully.

It is believed the pair met with foul play, but the case has never been solved. Detective Inspector Stephen Dennis said someone within the Bendigo community holds the key to solving the investigation.

"This disappearance has been extremely devastating to both families who have never given up hope," Inspector Dennis said in a statement on Monday.

"We are hoping that today's $1 million announcement will encourage someone out there with crucial information or direct knowledge of this disappearance to come forward."

"Every day there is always a question in your head of what's happening."Lyn Ireland

The announcement comes three years after a coronial inquest was held, which was inconclusive and ruled the teenagers likely met with foul play and died on the night of the dance.

Both families have been pushing for a reward since the inquest was held, and have expressed relief following the announcement on Monday.

Maureen Braddy's sister, Lyn Ireland said the family "couldn't be happier".

"There are times you think what the hell is going on, is anything being done," Ireland told the ABC.

"Every day there is always a question in your head of what's happening."

On Monday, Victoria Police announced a reward of up to one million dollars will be paid to anyone with information that leads to the apprehension and subsequent conviction of the person -- or people -- involved in the abduction and murder.

Anyone with information is urged to contact Crime Stoppers on 1800 333 000 or file a confidential report on the Crime Stoppers website.