REGION - Residents have reported seeing a distinctive speedboat being towed through regional centres including Stawell, Great Western and Ararat on Wednesday afternoon.
The two-tonne Malibu speed boat was taken from a property in Finlay Street, Brown Hill, Ballarat some time between 10am and 11am.
The boat was on a trailer and has a water skiing cage fixed to it and has a black cover.
Investigators now believe the boat was towed away by someone in a grey or silver coloured 4WD, not a red Ford Falcon ute as originally indicated.
Police believe it could have been headed for the Warrnambool area.
Police have confirmed a boat sighted in Horsham was not the one that had been stolen.
They are urging anyone who sights the boat to report it immediately via triple zero (000).
Anyone with any other information about the theft is urged to contact Crime Stoppers 1800 333 000 or visit www.crimestoppers.com.au