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This is a seller’s market for scarce vintage separates, but A$3,391 is still an ambitious ask: it sits nearly seven times the A$503 75th-percentile asking price across 657 comparable used Onkyo listings. The stack is identifiable and desirable, yet the database anchor says this is collector pricing rather than a typical used-market buy.
The appeal is real. The M-504 delivers a muscular 165 watts per channel, dual-mono construction, substantial transformers, and an easygoing, slightly warm presentation; the P-304 adds a versatile line stage with MM/MC phono capability. At this money, though, condition and proof of servicing must be exceptional: clean meters, quiet controls, reliable protection circuitry, correct voltage, and ideally documented restoration. Without original-owner provenance or a thorough recent service, negotiate hard; a buyer should expect a meaningful discount from A$3,391.
Independent perspective — not a price guarantee. Always verify condition, accessories and provenance before purchase.
Onkyo traces its roots to postwar Japan, founded in 1946 in Osaka by Takeshi Goda, an engineer at Matsushita Electric who envisioned high-quality Japanese loudspeakers. Initially established as Osaka Denki Onkyo K.K., the company began production in 1948 with the acclaimed ED-100 speaker featuring a 25 cm driver, quickly building a reputation through LP concerts and innovative designs that resonated with audiophiles.
The brand excels in premium home audio, renowned for AV receivers, hi-fi amplifiers, and surround sound speakers that deliver exceptional clarity and power. Its portfolio spans turntables, DACs, headphones, and cables, bolstered by acquisitions like Pioneer's home electronics division in 2015, enabling cutting-edge integrations such as internet radio and high-resolution streaming.
Onkyo holds a solid mid-tier position in the hi-fi market, prized by discerning buyers for reliable performance and value rather than ultra-high-end exotica. Despite bankruptcy challenges in the late 2010s, its revival under new ownership preserves a legacy of technological innovation and pure sound enjoyment, appealing to both vintage enthusiasts and modern home cinema setups.
See all Onkyo listings on RADAR.
