A classic Ford Falcon has fetched well over $1 million at auction, setting a record price for iconic Australian cars.

The Yellow Glo Ford GTHO Phase III Falcon sold on Saturday for $1.3 million, making it the most expensive road registerable Australian classic sold under the hammer. 

Lloyds Auctions chief operating officer Lee Hames said he wasn’t surprised by the price. 

“It is the pinnacle of Australian muscle cars and has consistently held its value over its lifespan since its release in 1971,” Mr Hames said in a statement on Sunday.

Also being auctioned was a collection of rare Holdens which also achieved record prices.

A 1996 Holden HSV VS GTSR sold for a whopping $1 million under the hammer while a HSV GTSR W1 sold to a Holden enthusiast for $750,000.

Mr Hames said Holdens and Fords continue to appreciate, adding that “anything of a limited build, celebrity affiliation, significant history or chrome bumpers just keeps going up in value”.

AAP

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