He couldn't keep the smile off his face as he stood close to the near-antique model in working condition, and said he travelled nearly 1000 kilometres just to bid for the item.

Mr McGregor's home in Terang, Victoria, holds about 70 collectable radios from the 1920s, a period which he is particularly interested in.

"I paid $2600 but I would have paid another $1000. When the opportunity comes around for something that's really, really rare, you stretch a little further," he said.

Mr McGregor said he was elated with the find, especially since he initially saw the piece in 1991. After losing contact with the seller, he saw the radio come up again in an online catalogue for the auction in Canberra.

"It's an Australian-made radio from an Australian company, so that's the appeal. There might be two or three left, there's not many. They're rare to procure; whoever gets one doesn't let it go very often."

The members-only auction had a variety of pieces on offer, including an old World War I trench set, which was the highest grossing item at the auction.

Organiser Richard Begbie said the piece was one to watch.

"The trench radio went to the Australian War Memorial for $3300. In our hundredth year of joining the first World War, it is a terrific reminder of the technology that was involved in the war and how it's changed," Mr Begbie said.

"We made the War Memorial an honorary member for the day. Our membership here were not only content but really happy to see it got to the War Memorial, there was a great round of applause when it was knocked down."

Canberrans are invited to visit the Historical Radio Society of Australia's Radio/Phone Festival, held at University House Great Hall at ANU from 9am-3pm on Sunday. The festival features a spectacular collection of old radios and gramophones, including displays of wartime and spy gear and demonstrations.