UPDATE, 4pm: The vehicle has been winched from the river and loaded on to a tow truck.
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EARLIER: Police divers have located the stolen Honda Accord in the Hopkins River.
12.30pm: VICTORIA police search and rescue members are searching for a stolen vehicle in the Hopkins River at Jubilee Park.
Warrnambool police Detective Sergeant Chris Asenjo said a Honda Accord, valued at about $30,000, was stolen from a Warrnambool home in April.
"There was a gang that was committing a number of aggravated burglaries at the time," he said.
Investigations conducted by Warrnambool police’s Criminal Investigation Unit led to a number of arrests.
"Footage obtained from one of the offender’s phones shows the vehicle being driven into the Hopkins River," Detective Sergeant Asenjo said.
Police were able to establish it had been driven into the water from Jubilee Park.
"Our friends at the water police are here and we hope they find the vehicle and maybe a few others," he said.
Sonar technology is being used to search the river bed.