But given the soaring prices of Australian muscle cars in recent times, the purchaser of the matching-numbers 1970 Ford Falcon XW GT-HO being auctioned in Melbourne will most likely have the last laugh in a few years’ time.

A Phase 3 GT-HO is understood to have changed hands privately in the past 12 months for $400,000, while Shannons auctioned a one-owner Holden HK Monaro GTS 327 ‘Bathurst’ coupe for a record $220,000 at the recent Sydney Motor Show and then sold a fully restored 1971 E38 R/T ‘Bathurst’ Chrysler Charger for $128,000 to the Monaro’s underbidder.

The XW GT-HO being auctioned by Shannons is one of the last ‘Phase I’ models fitted with Ford’s Cleveland 351 V8.

Based on the muscular XW GT Falcon introduced in 1969, the HO (for Handling Option) was built as a Bathurst homologation special, featuring a rear anti-sway bar, a bigger Holley carburettor, a re-profiled camshaft, a better flowing intake manifold and altered valves and lifters. The result was a thumping 300bhp, making the GT-HO the quickest Aussie muscle car to date, covering 0-100km/h in around 6.5 seconds and the standing quarter mile in 14.4 seconds.

Just 662 Falcon XW GT-HOs were built – a tiny fraction of Falcon production – but the Phase I has a special place in Ford history as it gave Allan Moffat his first victory at Bathurst in 1970.

Shannons’ HO was originally an employee purchase from Ford Geelong and since being acquired by the current owner two years ago it has been repainted in its original Grecian Gold, while other detail work has been carried out by a well-known HO specialist.

The interior remains the original black vinyl and comes with a pushbutton AM radio, while the five-slot wheels are riveted and not welded.

The car has appeared at the Ballarat Nationals in 2005 and various other Ford days, but has been used sparingly in between, with its odometer now reading only 55,330 miles.

The GT-HO is one of 39 vehicles being auctioned by Shannons on Monday November 27.