5 Hot Australian Fashion Trends This Year: Lavish Splurges and Budget Steals [PHOTOS]

This year's Mercedez Fashion Week in Australia has brought together the best of Australian fashion right on the runway.

Since not everyone can get front row seats for the plush event, the most predominant trends for 2012 during the MFW were summed up in five words. Florals, prints, pastels, neons and peplum.

Set against the Sydney Harbor backdrop, the Australian fashion week showcased established and upcoming designers from Australia and other neighboring country. Some participated with hopes to win the favor of Australian fashionistas.

Some famous clothing brands that participated during the event included Ksubi, Manning Cartell, Talulah, We Are Handsome, Alice McCall, Zimmerman, Magdalena Veleveska, and Kirrily Johnston.

So what are these five fashion trends from the Australian Fashion Week that we ought to be looking forward this year?

Floral - If you love floral then this is definitely the year to bring them all out. Zimmerman impressed with floral on silk while Talulah stretched the trend on just about everything.

Pastels - From Zimmerman and Alice McCall's collection, the pastel trend is not going anywhere this year. It was still predominant in the catwalk and in stores.

Prints - Shapes, stripes and even palm trees on leggings. Prints are definitely going to be big this year. Almost every designer in the event included prints in their collection. Mixing prints with prints also outpours on the runway.

Peplum - For those who do not know what the word means, it is a skirt or a frill from the waist. Victoria Beckham is one famous celebrity who popularized the trend and for this year, peplum on dresses is definitely staying.

Neon - Bright and solid in color. Many of the fashion designers like Kirrily Johnston showcased trails of neon pink and neon green dresses, you won't miss them even if your eyes were closed. Neon colors paired with gold accessories will also be big for this summer.

However, not everyone can afford designer labels that were shown at the event. For this, we have compiled a list of the designer brands and their budget friendly alternatives.

Zara, Topshop, Supré and Forever 21 are definitely an option for those who want to follow the trend without busting their pockets. Browse through the list on the gallery to see the top 5 fashion trends to look out for in Australian fashion this year and their inexpensive match.

Store Locations:

Topshop & Topman

256 Oxford Street, Sydney NSW 2021, Australia

+61 2 9331 6070 ‎

Supré

Erina Fair, Erina NSW 2250, Australia

+61 2 4367 2312 ‎

45 Market Street, Sydney NSW 2000, Australia

+61 2 9264 2313 ‎

Level 3 Westfield Shopping Center, Hurstville NSW 2220, Australia

+61 2 9580 8360

Macquarie Centre, 109 Waterloo Rd, Macquarie Park, NSW 2113, Australia