The car was among 24 lots to go under the hammer, which include Rolls-Royces, Porsches, Jaguars and Ferraris.
The 1970 Ford XW Falcon GT-HO Phase II ended up selling for $414,000.
The car arrived and was registered in Wellington in 1986.
"These are a real rarity to the market and Australian muscle cars are becoming a really hot commodity at the minute," said Caolán McAleer from Webb's Auction House.
"They're being seen almost as appreciating assets, where people are buying them, garaging them and just let them sit there."
He said a Phase III model of the Falcon GT-HO had recently sold for $1.15 million in Australia.
When it was first released, it was billed as the fastest four-door saloon in the world.
"It can still go pretty fast and it's got a wonderful loud engine so it can do a quarter of a mile in 14.4 seconds and 0 to 100 kilometres in 6.5," McAleer said. "So that was a huge feat for its time."
The listing for the auction described the car as one of Australia's greatest super cars.
"Finding one in this condition with a good service record and displaying fine overall condition borders on the miraculous," it read.
McAleer predicted the car was likely to stay in New Zealand.
