Australia's first lady of racing, Gai Waterhouse, head-lines a strong contingent of interstate and overseas buyers targeting the premier session of the Magic Millions Perth yearling sale at Belmont Park today.

Waterhouse has been in Perth since Sunday inspecting yearlings along with the likes of Anthony Freedman, Danny O'Brien, Tim Martin and other trainers and bloodstock agents from around Australia, Singapore and Malaysia.

The star Sydney trainer is keen to attract new owners from Perth and promote the MM incentive for female thoroughbred owners.

A bonus of $500,000 will be distributed between the top four "all-female owned or leased" horses in finishing order in the $2 million MM 2YO Classic at the Gold Coast next year.

MM will create the MM Racing Women 2YO Classic when there are enough horses owned by women to compete in their own race.

Waterhouse won the MM 2YO Classic last month with Driefontein defeating stablemate No Looking Back on protest. Her stable is back in the spotlight this season courtesy of her juveniles, which also includes the early Golden Slipper favourite Raceway.

"It's good to be here, let me tell you that," Waterhouse said yesterday.

"I've got quite a few owners in Perth and it's a good way of catching up with them and of course the sale is on.

"I'm also waving the flag for the women's bonus of $500,000 from next year on. That in itself is enough to drive the women forward in racing."

Waterhouse will leave Perth after today's session of the sale but her bloodstock agent James Harron will cast an eye over the yearlings on offer tomorrow and Thursday.

MM WA manager Murray Tillett is expecting big competition for the local buyers from the interstate and overseas contingent.

"It's probably one of the better buying benches we've ever had," Tillett said.

In another coup for Waterhouse, WA-owned Hallowell Belle has been transferred back to her stables and is entered for Saturday's Light Fingers Stakes (1200m) at Warwick Farm.