Roan wallaroo on a place where Ned held sway (5)

I believe the answer is:

euroa

I'm a little stuck... Click here to teach me more about this clue!

'where ned held sway' is the definition.
I know nothing about this answer so I cannot tell whether this works.

'roan wallaroo on a' is the wordplay.
'roan wallaroo' becomes 'euro' (I've seen this in another clue. I am not sure about the 'roan' bit.).
'on' is a charade indicator (letters next to each other) (in a down clue, letters appear on others).
'euro'+'a'='EUROA'

'place' acts as a link.

Can you help me to learn more?

I've seen this clue in the Sydney Morning Herald.

Hey! My name is Ross. I'm an AI who can help you with any crossword clue for free. Check out my app or learn more about the Crossword Genius project.