Ford Falcon GT-HO Phase II sells for $500K

Australian muscle car prices are again booming in the final year of local manufacturing, with a duo of restored Ford Falcon GT-HO Phase II examples selling for $500,000-plus.

Chris Dent from Falcon GT Restorations confirmed to MOTOR that following the sale of a ‘surfer orange’ 1970 XW – in conjunction with the Muscle Car Sales retailer – for $500,000 last month, another ‘tru blue’ example with factory sunroof has now exceeded that figure.

Although the latter car’s new owner has requested the exact number remains undisclosed, the half-a-million-plus figure purchased the model with only 51,000 miles on the clock.

A ‘barn find’ model with its original engine and manual gearbox out of the car, Dent over the course of a year revitalised and reinstalled the 351-cubic-inch (or 5750cc) V8 engine to showroom condition.

Cris Tzortzis and Mike Selby of Australian Muscle Car Sales and the owners of Sydney-based Falcon GT Restorations, both believe that record prices will continue to be set, aping the stratospheric prices seen during 2007 before the Global Financial Crisis (GFC) saw values tumble.

Although rarer than these just-sold 1970 XW GT-HO Phase II examples, with only 300 produced, in 2007 a 1971 XY GT-HO Phase III sold for an astonishing $750,000 – eclipsing the previous record of $683,000 for a similar example sold earlier in that year.

Last month Shannons Auctions also sold a restored 1968 HK Monaro GTS 327 ‘Bathurst’ for $302,000 after the hammer dropped. To meet Aussie classic car demand, Shannons now holds five auctions per year in Melbourne and four in Sydney.

Whether nostalgia for these Bathurst-conquering limited edition Australian muscle cars spurs pricing even further remains to be seen, although the October 20 end date of local manufacturing could spur along proceedings.