CLASSIC Australian cars are worth big bucks with auctioneers now reporting increasing overseas interest and a resurgence in prices after the 2009 slump caused by the Global Financial Crisis.

Buyer interest is predominantly for the iconic muscle cars from the 1960s and 1970s and classic cars from the 1940s through to the 1980s, but even less-admired family cars are becoming collectable and seeing rising demand.

Lloyds Auctions head of classic car auctions Bill Freeman believes the market is on its way up.

“There are strong signs that it is strengthening again,” he said.

“There is increasing interest in older cars and there’s particular interest in Australian cars from about the 1950s, through the 60s and 70s.”

Lloyds said it has been building its Australian car division for about a year and its database of buyers has been doubling every month.

Its success is a bonus for Perth-based Joyce Corporation that in July acquired a 51 per cent stake in Lloyds Auctions. It is a major diversification from Joyce’s long-standing bedding and kitchen business and reflective of new trends in Australia’s diversifying automotive industry.

Joyce Corporation executive director Anthony Mankarios said the auction business was performing extremely well and there are now plans to expand.

“We expect the business will add about $10 million in revenues to Joyce in the coming financial year,” Mr Mankarios said.

Lloyds holds a monthly online and in-house auction dedicated to Australian-made classic cars, with plans to move to bi-monthly auctions around Australia early next year. It is planning seven auctions in four states for the first four months of 2017.

Mr Freeman said recent auctions in Australia have led to cars being bought by international collectors with many cars leaving Australia.

“There’s a few reasons why interest in classic cars is reoccuring,” he said.

“One is the fact that the Australian car manufacturing industry is a year away from ending. That has brought our history in our individual cars to the fore in people’s minds.

“There’s also the low interest rates at the moment. People are finding it possible to get the car they’ve always wanted.

“There is also the large disposable income of the people who grew up with these cars and want a bit of nostalgia.

“A lot of people are shying away from the stock market, putting their money into other areas including cars. These people have realised that these cars are investments.”

He added that Australia had relaxed some rules on left-hand drive cars so that, depending on their age, these could be driven on our roads.

“That also helps with the investment approach because as most came from the US, they can retain their originality and can be later sold back into the US market.

“Australian muscle cars, are in my opinion, the cars to buy for both investment and enjoyment,” Mr Freeman said.

“But it doesn’t have to be a muscle car. There’s money to be made in standard cars. At one of our recent auctions a bidder from the southern states of the US wanted an EK ute that was in an upcoming auction.

“He missed out but he typifies the growing interest in these cars by overseas collectors.”

The international marketplace can be attracted to online auctions.

“If they are comprehensive in the description of the cars being auctioned, they attract bidders from around the world and increase the potential prices. It’s made bidding much easier,” Mr Freeman said.

By Neil Dowling