Hot ... rising petrol prices may be behind bike thefts as commuters switch to pedal power, like this photo of a busy Shanghai street / AP

Although police will release the official 2007-08 figures in August, bicycle thefts are skyrocketing in and around the city.

A major jump of more than 40 per cent is expected in Melbourne.

The city of Yarra, in Melbourne's inner east, has had the most rapid rise with thefts up about 30 per cent over the past two years.

Last financial year, thieves stole 387 bikes from the area.

The municipalities of Port Phillip (359 bikes stolen, up 36 per cent) and Bayside (131 bikes stolen, up 29 per cent) are also continuing the upward spiral.

Police say thefts of bikes, often valued at more than $2000, are most commonly occurring from backyards, verandas and underground carparks.

Yarra police Sen Sgt Steve Bills said owners had to become vigilant about protecting their property.

He said thieves off-loaded bikes to secondhand dealers or pawn shops, but the market may be more widespread.

"It's becoming a big problem," Sen Sgt Bills said.

"Storage of bikes is the most important thing.

"You will always get bikes stolen from the street, but so-called secure carparks in complexes are becoming a hot spot.

"These carparks aren't secure. A cyclone wire cage is not going to stop a thief from getting to what he or she wants."

Sen Sgt Bills said the best place to store a bike was inside a house or apartment.

Most stolen bikes are never recovered for their owners.

Victoria Police is urging riders to have their bikes engraved with an identification number.

By Anthony Dowsley | July 07, 2008

Article from The Australian