Aussie classic car market heats up ahead of local shutdown

Strong bidding at Shannon’s Winter Classic Auction confirmed Australia’s love of home-grown muscle cars is heating up as local manufacturing enters its final phase.

“Local Holdens and Fords have always run deep through the veins of Australians,” revealed Mr Christophe Boribon, Shannons National Auctions Manager. “And a big driver of late has been the demise of local manufacturing. We’re seeing certain models approaching – even surpassing – pre-GFC levels”.

“Collectors want a slice of Australian vehicle history because it simply won’t exist anymore,” he added.

The unquestioned star of Shannon’s Winter Classic Auction was a late-build 1976 Ford Falcon XB GT Hardtop. “There won’t be another one,” was a phrase uttered more than once by the Shannons auction team.

A well-specified car from new, the ‘Yellow Blaze’ GT was an older restoration to factory specification. Fitted with a three-speed automatic transmission, a black vinyl hardtop, air-conditioning, power steering, power windows, five-slot wheels and black rear window louvres (a definite touch of the 1970s) the XB was estimated for a range of $85,000-$100,000, but a combination of online, phone and floor bidding drove the price to an astounding $134,000.

“Original, well-optioned cars tend to make the best prices no matter the market, and good examples are hard to come by,” Mr Boribon confirmed. “The result of the XB GT Hardtop was exceptional. Even 12 months ago, I’d have said that’s an $80,000 car.”

For reference, the last original XB GT Hardtop to sell via Shannons realised $47,500 in 2013.

Proving it’s not only the V8s being lusted after was a diminutive 1972 Holden LJ Torana GTR XU-1. The impressive ‘Lime Green’ example, built in the year an XU-1-driving Peter Brock won his first Bathurst endurance race, sold for $102,000 against a strong $90,000-$100,000 estimate.

“It’s a similar story with the LJ XU-1,” Mr Boribon said. “Six figures for that car was a strong result, especially when you consider that $70,000 was around the mark a year ago,” he said.

A similar 1973 LJ XU-1 sold for $70,000 in 2016.

It wasn’t just nut-and-bolt original specification cars which ignited the auction floor, with a surprising $42,500 achieved for a ‘No Reserve’ 1972 Holden HQ Coupe ‘Restoration Project’.

Powered by a 253cubic-inch (4.2-litre) Holden V8, the car had been rebuilt with an HJ front end, but a visual inspection indicated much body, paint and trim work would be required to bring the car up to decent condition. This didn’t stop bidders from as far afield as Kalgoorlie, West Australia pushing the final price far ahead of the $20-30,000 estimate.

A non-original 1969 HT Monaro, once fitted with a 186cubic-inch (3.0-litre) six-cylinder engine, but now sporting an automatic transmission and the 350cubic-inch (5.7-litre) Chevrolet V8 the model was best known for, sold for $64,000 against a $50,000-$60,000 estimate.

Mr Boribon explained: “Because of diminishing supply we’re seeing a second ‘wave’ of vehicles generating demand. For those looking to drive and enjoy on the road, something like the HT makes a lot of sense. It looks the part and sounds the part without being matching numbers throughout.”

Perhaps the smartest money was spent on another Holden, this time a ‘Firethorn Red’ 1980 VC Brock HDT Commodore. Build number 492 presented well and came with a thick history file, though its three-speed automatic transmission (relatively) stymied demand. With a guide of $40,000-$48,000, the Brock Commodore found a new home for $52,000.

Ford enthusiasts also turned to a lovely, original 1972 Ford Fairmont XA GS Sedan. In ‘Wild Violet’ with a white vinyl interior, the GS was equipped with the desirable ‘K-Code’ 351cubic-inch (5.8-litre) Cleveland

V8 engine driving through a three-speed automatic transmission and 9-inch differential. It easily surpassed its $35,000-$45,000 estimate to realise $63,000.

Like the stock market, Australian collector vehicles represent a tiny portion of the global total. With increased globalisation of the classic car trade, this tends to limit the scale of ‘saleability’ for Aussie metal. However, the myriad ‘My Dad had one’ references which pepper Australian collectors’ back stories underscore an emotional connection and intimate knowledge which manifests itself in passionate bidding.

On the other hand, the pre-auction headline act, a 1969 Chevrolet Camaro Z/28, drew more calculated interest.

“Most people looking at a Camaro in this country are simply after a Camaro,” Mr Boribon said. “For between $30,000 and $50,000 you have a lot of options. There are less people with the emotional investment in stepping up to a Z/28, despite its global collectability.”

Made famous by Roger Penske and Mark Donohue in North American Trans-Am racing, the Camaro Z/28 was a racing homologation special fitted with a 302cubic-inch (5.0-litre) version of the venerable Chevrolet small block V8 and heavy-duty everything else.

Built in the last of three production years, the ‘Daytona Yellow’ 1969 example was recently restored over a two year period in the US. It was also fitted with the extremely rare (but not original to this car) ‘Crossram’ dual four-barrel aluminium intake manifold.

Despite there only being a handful of Z/28s in the country – not to mention its international fame and event eligibility – the American classic eventually scraped to $101,000, or $1000 above its lower guide… some way off the $120,000 higher estimate and a further indicator that when it comes to muscle cars, Australians still prefer it local.