Damien Oliver's decision to choose Bull Point over Prince Harada has been justified with the Gai Waterhouse-trained colt storming to a first-up win in the Group Three Manfred Stakes at Caulfield.

Oliver had the choice between Bull Point and Prince Harada but decided on Bull Point after partnering him in an impressive piece of trackwork recently and also due to the support of Waterhouse.

Prince Harada was sent out the $2.80 favourite in Saturday's 1200m event but Bull Point (3.70) came out on top as Oliver stalked the speed on the son of Fastnet Rock before letting him go in the straight.

Bull Point strode clear of leader Worth A Ransom to beat him by 1-1/4-lengths with The Quarterback producing an eye-catching performance to come from last to finish half a length away third, just ahead of Prince Harada.

The win of Bull Point brought up a Group race double for Waterhouse after talented filly Nayeli stamped herself as a Blue Diamond contender with victory in the Group Three Chairman's Stakes.

"He's a quality colt," Oliver said of Bull Point.

"I worked him and Prince Harada a couple of weeks ago in consecutive days and they were hard to split. They're both good colts but this bloke really pleased me the way he worked with the blinkers on."

Oliver said Bull Point, who flew home for third in the Group One Golden Rose at the end of his first racing preparation, proved his class on Saturday heading towards the Group One Australian Guineas.

"He sat on a good speed and gave a great kick," Oliver said.

Bull Point moved to $6 favourite with TAB fixed odds for the Group One Australian Guineas ahead of Cox Plate winner Shamus Award at $7.

Prince Harada, who had shared the top line of betting with Shamus Award, is out to $12.

Waterhouse, who watched the race from Sydney, said Bull Point could run in the Group One Futurity Stakes on the way to the Guineas.

"He has always had the ability and it was nice to see it come together today," Waterhouse said.

"We have been working really hard with him in Melbourne."

Blake Shinn, who rode Prince Harada, felt he tracked into the race like the winner but was left flat footed when Bull Point sprinted.

"He peaked on his run I felt at the 100 metres," Shinn said.