Police are investigating a triple shooting in the Perth suburb of Banksia Grove which has left one man dead.

The ABC understands three men were shot at a home on Cassia Link late Tuesday night and police are searching for the gunman.

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One man later died in hospital.

Another two men have been taken to Royal Perth Hospital.

One is being treated for a gunshot to a leg and the other for a wound to his arm.

Both men are in a stable condition.

Police from Major Crime remain at the scene of the shooting.