The iPhone 4 has been selling on Bay for more than $5,000.

iPhone 4 fanatics are looking to get their kicks early by ordering a parcel delivery from popular online auction site eBay.

Apple reportedly sold through both waves of its initial pre-order stock so quickly that the next incarnation of the iPhone has been popping up on the internet for as much as $5,000 (£3,360), TechCrunch reports.

There were around 400 iPhone 4s for sale on eBay on June 16th, which began at $550 (£370) for the cheapest 16GB model - a full $350 (£235) more than the retail price, as those lucky enough to secure a pre-ordered product looked to make a profit.

TechCrunch predicts that "these prices are going to get much more ugly" as the expected ship date for the iPhone 4 gets pushed back further, causing people to bid against one another online for their precious parcel delivery.

The launch of the product has largely been held up by massive technical problems on Apple and AT&T's online purchasing system, which fell within hours to a stampede of iPhone fans.

Posted by Lucy Pritchard.

Article Added: 21/06/2010 09:35:45