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A police spokeswoman said the bike had been recovered and a 30-year-old was arrested at a Brockville house this morning.
Charges were likely to follow.
Police later confirmed they searched for the man yesterday descending on the Mary Hill/lower Mornington area about 2pm yesterday, and established a cordon at the intersection of Oakwood Ave and Renfrew St in Maryhill.
The man allegedly fled police and was wanted in connection with a number of thefts.
Senior Sergeant Trevor Thomson, of Dunedin, earlier said an Epic mountain bike valued at $9000 was stolen from a garage in Benhar St, Mornington, yesterday.
The owner believed it had been taken sometime between 6am and 7pm yesterday, Snr Sgt Thompson said.
Anyone with information should contact Dunedin Police on 471-4800.