UPDATE 11/28/2023: There are times when I write articles like this, and I quote a potential sale price where I’m wide of the mark. That was conclusively the case with this 1970 Ford Falcon GT because I significantly underestimated the interest it generated in the Australian classic community. It went under the hammer with No Reserve, and after receiving an incredible 405 bids, a car I suggested might climb into six-figure territory sold for A$230,000. This proves that even when times are tough economically, buyers still recognize a genuinely desirable classic, regardless of its country of origin. We can only hope the winning bidder returns it to its rightful place on our roads because this GT has hibernated for too long.

11/19/2023: Locating desirable classic cars hidden away in barns and garages is a global phenomenon, and no vehicle proves that better than this 1970 Ford XY Falcon GT. It is one of Australia’s most iconic muscle cars, and it recently emerged after spending almost five decades hidden under a house. It requires total restoration, a significant undertaking for its new owner. However, with values climbing at an incredible rate, it is sure to head to a new home where it will receive the TLC it deserves. If any of our Down Under readers are interested in pursuing it further, they will find the GT listed here at Gray’s Auctions in Pinkenba, Queensland, Australia. The online auction is set to go live on Thursday, November 23rd.

The Australian new car market during the 1960s and 1970s was dominated by local arms of the American “Big Three” manufacturers. Holden quickly developed unique models, while Ford and Chrysler, via its Valiant brand, utilized predominantly American models with local engineering input until the 1970s. The Second Generation Falcon was no exception. Local market volumes and the need to comply with local motorsport competition meant that muscle car variants were typically based on each company’s more popular sedan offerings. The racing links are important because they were driven by the “win on Sunday, sell on Monday” marketing philosophy. The goal was success in the country’s most prestigious competition, the annual 500-mile endurance race conducted on Bathurst’s Mount Panorama circuit. It spawned cars like the Holden Torana XU-1 and A9X and the Ford Falcon GT. Our feature car has a fascinating history. Ford Australia initially owned it as a display and marketing vehicle. It found its way to a Queensland dealership in 1972, where the current owner purchased it. They utilized the GT as a daily driver before parking it under their house in around 1978. That’s where it remained until its recent discovery. With the owner aging, he decided it needed to head to an enthusiast who could recapture its bygone glory.

Dragging this Falcon into the light of day revealed it needs a restoration that entails dismantling the car to the last nut and bolt. However, apart from the wheels and one minor engine bay change, this car is exactly as it left Ford Australia’s Broadmeadows production line. The auctioneers describe the paint shade as “Gold,” but the Body Tag confirms this is 1-of-56 GTs produced in a shade called Quicksilver. There were rarer colors selected by buyers in 1970, but the company obviously felt that with Quicksilver considered one of the premium shades, it was ideal for a car that would showcase the GT range. Adding to this car’s desirability is the fact that this is one of the very few GTs produced featuring a steel wind-back factory sunroof. Confirming production numbers for this option is challenging, but my research suggests that there may only have been twenty-one GT buyers who teamed this option with a manual transmission. I’m sure we have readers who could shed further light on that question. The car has rust, but how extensive this might be below the surface is unclear. The area where the car was unearthed isn’t prone to snow or other issues, but the weather can include extreme humidity, and it is this that may account for most of the rot. The original spotlights are in the trunk, as are a matching pair for the front wheels. Most trim pieces require reconditioning or replacement, but the glass looks okay.

It is fair to say that Ford kick-started the Australian horsepower race when it bolted a 289ci V8 under the hood of the XR Falcon GT. It forced Holden to adopt ever-larger versions of the Chevrolet small-block V8 to power its Two-Door Monaro models. However, Chrysler Australia bucked that trend by squeezing extraordinary power out of its “Hemi” six engines. The XY Falcon GT received a 351ci Cleveland V8. While Ford quoted official power and torque figures of 300hp and 380 ft/lbs, it is believed they followed the typical industry trend of understating both numbers. Buyers could choose between two versions of the four-speed Top Loader transmission or hand shifting duties to a three-speed automatic to feed the power to the 9″ limited-slip rear end. Power front disc brakes were standard, but power steering was optional. Ford Australia equipped this car with the wide-ratio version of the Top Loader, and while this sedan could comfortably seat five, it could still demolish the ¼-mile in 14.4 seconds. The Cleveland came with a limiter set at 6,150rpm, but that didn’t prevent it from hitting 135mph. Disconnecting the limiter pushed that number beyond 150mph, making this a genuinely fast car. This GT is original and numbers-matching, but it hasn’t fired a shot since around 1978. The odometer shows 65,278 miles, and the decades of hibernation make the claim plausible. The small snorkel is missing from the air cleaner, but the original shaker assembly and hardware are intact. The restoration will include a full mechanical rebuild, but the potential value of this car, once complete, justifies that expense.

This Falcon’s interior continues the “original and unmolested” theme with no aftermarket additions or changes. It retains the Black-upholstered low-back bucket seats, center console, rimblow wheel, pushbutton AM radio, and gauge cluster with a 140mph speedometer and the tach redlined at 6,000rpm. Ford chose not to equip this GT with air conditioning, but the wind-back sunroof offers a wonderful alternative. The interior should present acceptably following a deep clean if the winning bidder prefers to retain this car’s originality. However, the driver’s seat has a small tear on the outer edge. This might be repairable, and I would investigate that further before considering replacement. Organizations like Rare Spares sell some impressive reproduction items, but there is nothing quite like retaining factory trim when dealing with a classic of this caliber. The Falcon has a collection of documentation confirming its history, including the Owner’s Manual and Service Records.

Readers outside Australia may not warm to cars like this 1970 Ford XY Falcon GT, but its place in Australia’s automotive folklore is undeniable. This has been emphasized by the demise of Australia’s home-grown vehicle manufacturing industry. No manufacturers have hinted that local production will recommence, and with the dismantling of the Ford and Holden facilities, no infrastructure exists for it to happen. I guess it’s crunch time, and if the bidding is as spirited as I expect, this 1970 Ford XY Falcon should be heading to a new home in around ten days. That begs the question of what the sale price is likely to be for a car in this condition. Recent auction results reveal that while this car isn’t the more desirable GTHO variant, it should still nudge into six-figure territory before the hammer falls. Restoring it to its former glory will probably consume a similar amount of cash. However, with pristine examples currently selling for over A$290,000, this Falcon’s history, rarity, and climbing values justify the expense. I won’t be bidding but I will be fascinated to watch this auction unfold. Will anyone join me?