The offenders stole a 2011 Aston Martin and a number of household items from a Hillarys property overnight between Monday and Tuesday.
Police spotted the stolen vehicle on Tuesday morning, pursuing it through Ocean Reef and Banskia Grove before the thieves dumped it on Porchester Drive in Darch.
They then broke into a nearby home, fleeing when a female resident disturbed them.
The woman attempted to stop them stealing a Land Rover from the home, but she was unsuccessful.
Police later found the vehicle abandoned on Princess Drive in Balga about 1.40pm.
Police believe up to five people could be involved.
Anyone with information can call Crime Stoppers on 1800 333 000.