UPDATE: Property owners have praised the rapid response of emergency services personnel after a bushfire tore through southern Bullsbrook this afternoon.
A bushfire alert for the Bullsbrook fire has been downgraded to Advice but residents have been told to be vigilant.
The Department of Fire and Emergency Services said firefighters worked quickly to contain the fire that had threatened homes on Sawpit Road.
There is no longer a threat to lives or homes, but a lot of smoke remains in the area.
"Although there is no immediate danger, you need to be aware and keep up to date in case the situation changes," DFES said.
The cause of the fire is unknown, but it started between Sawpit Road, Railway Parade, Maralla Road and Warbrook Road.
About 20 firefighting crews battled the blaze, which is contained but not controlled.
Spot fires were starting up to 500m ahead of the fire.
People had been told to leave in a north-easterly direction or get ready to defend their properties.
In an area populated by some of the State's top horse trainers, it is understood DFES crews were able to contain the fire quickly.
Jim Taylor, a former jockey who won the 1984 Perth Cup, said the fire got within 600m of his Sawpit Road property.
He said the fire burnt out a "fair bit" of bushland on a neighbouring property,
The blaze was "pretty wild".
"It got within 600m of our property but we were lucky, all the helicopters and fireys did a great job," Mr Taylor said.
"We were ready to move horses if we had to.
"It was pretty wild, it was out of control for a while and when you've got valuable horses you do tend to worry."
Mr Taylor said he had between 35 and 40 horses on the property but was only capable of moving 11 at a time.
"If I had to move them it would have been a few trips," he said.
"They reckon they've got the fire under control now but the roads are closed so we can't get in or out.
"My horses are all in close proximity, in yards and boxes in a small area, so we were ready to go if needed but we've got good fire breaks."
Mr Taylor estimated the fire had crossed three properties.
"It went through horse paddocks and they were moving horses all afternoon," he said.
"I was alerted about 12.30pm.
"I live at The Vines and we rushed back.
"If I couldn't have got through the roadblocks and back to the horses I would have found a way through, I would have left my car and ran through the paddocks.
"Between all the horses on our property they've probably won a combined $10 million. They're very valuable."
Jodie Gray - wife of Robbie, who owns Rangeview Stud on Warbrook Road - said she wasn't home when the fire started but her staff had informed her that the "crisis had been averted".
Simon Barry from Brook Hunt Horse Club said the firefighters did a brilliant job containing the blaze.