Chris Malloy, an Australian man claimed that he has created a flying bike that can fly an estimated 10,000 feet above the ground.

According to Chris Malloy, 32, from North Ryde, it was not targeted at 'recreational use' but it is modified to use at wildlife parks, in films, cattle mustering, search and rescue and aerial surveying.

The first 100 bikes will be sold at about $45,000, the Sydney Morning Herald reported.

The Hoverbike with a maximum takeoff weight of 270 kg is estimated to reach airspeed of 278 km/h and travel 148km on a primary tank of fuel at 80knts cruise, according to his site.

Powering the Hoverbike is an 1170cc, air-cooled flat twin sitting inside a carbon-fiber chassis with Kevlar support. The motor powers two huge twin-propeller blades, his website reported.

Malloy has spent the last two years working in his garage on the bike and is also working at an optical engineering company in Sydney.