There is a push from some of the people on the sidelines for the latter option.

Under the proposed structure - which has been very carefully considered and passed through WA Parliament - private operators like MIRA were offered the chance to provide, maintain and improve automated land titling and plan services for the next 40 to 50-years.

The state would retain a list of responsibilities; a list that was much longer than what it was offering to the new partner.

The process was more akin to securitising some of Landgate's revenue, rather than handing over the keys to run the business as was the case in earlier privatisations of land registries in NSW, South Australia and Victoria. WA put out a lower risk/lower return proposition.

As we said, it took WA a long time to get to where it is. The state and its advisers, which now include Investec Australia, Ashurst, PwC and KPMG, spent years working up the structure and spent plenty of time in front of potential investors seeking their views.

It seems highly unlikely the state would want to re-cut the deal, given how hard it was to get to this stage. Which leaves negotiating with Macquarie or scrapping the proposed commercialisation altogether.

The main players in the other states' privatisations - including First State Super, CBUS and Utilities Trust of Australia - are known to be sitting on the sidelines. So too the lending banks that helped fund their offers. [Macquarie bought the South Australian land titles business in conjunction with Canada's PSP Investment Board].

Under the auction's proposed timetable, binding bids will be due next quarter. The question is whether there will be any late changes.