Police said the 79-year-old victim responded to a knock at the door of his School Rd house at 7.30pm last night.
When no-one was at the door he walked out to his front gate and was then approached by a boy.
He noticed two other boys near his laundry, and he was forced back into his house.
It is alleged the man was knocked to the ground, assaulted and then tied up while the other two offenders allegedly went through his house.
The defendants are accused of taking the keys to the victim's two cars - a Ford Falcon and a Ford ute - and fleeing the scene in them.
The elderly man eventually freed himself and ran to a neighbour's address to raise the alarm.
They said he turned up bloodied and bruised and had his earpiece "ripped out of his head" during the alleged attack.
Neighbours said he seemed more worried about local residents, telling them: "I'm so sorry, I've ruined your night. I've put you all out."
Another neighbour said the three teenagers were well-known in the community and so too was the victim.
Police were soon called and a patrol car noticed the stolen cars driving south on State Highway 1.
The Ford Falcon was stopped with road spikes near the Johnstone's Hill Tunnel and two offenders were arrested at the scene.
A short time later, a Motorway Patrol unit located and stopped the Ford ute, and arrested the third male.
Police said the victim was taken to hospital "bumped and bruised" about 11pm for a check-up, but had since been released from hospital and was recovering with family this afternoon.
The man's family said they appreciated the public concern and requested privacy.
