Christopher Malloy, 32, put his entire life-savings into the project, and it took him two and a half years to complete his futuristic creation, which has been dubbed the Hoverbike.
Malloy, a former helicopter pilot, built the incredible machine in his Sydney garage using a custom-built carbon-fibre airframe and a BMW engine.
The futuristic prototype has the potential to travel up to 92 miles or for about 45 minutes on one tank of fuel and is expected to cost more than 45,000 pounds.
So far the bike, which weighs 270 kilograms, has only been tested while tethered to the ground to prevent it flying too high. But plans to test it's capabilities without any restrictions are set to go-ahead soon.
He said the basic principle was similar to that of a Chinook helicopter and a normal motorbike.