POLICE no longer believe a boat stolen from a Ballarat property on Wednesday was last seen in the Wimmera.
Investigators initially believed believed the two-tonne Malibu speed boat was parked on the Henty Highway, about 50 kilometres south of Horsham about 1.30pm on Wednesday.
But police spokeswoman Natalie Webster said it was unlikely the boat sighted in Horsham was the one that had been stolen.
"Investigators now believe the boat was towed away by someone in a grey or silver coloured 4WD," she said.
Police are still searching for the boat, which was allegedly stolen from a Ballarat property between 10am and 11am on Wednesday.
"The boat was on a trailer and had a waterskiing cage fixed to it and a black cover," Ms Webster said.
"The registration of the boat is HY545 and registration of the trailer is Q28147."
Ms Webster asked anybody who spotted it to report it immediately by calling 000.