The start of a new water season is one of the most important moments in the calendar for anyone holding water entitlements — whether you’re a farmer planning your irrigation, an investor managing your portfolio, or someone thinking about buying or selling.
With the 2026/27 season approaching, here’s what you need to be across before the water year opens.
When Does the New Season Start?
The water year in the southern Murray-Darling Basin — covering Victoria, New South Wales, and South Australia — runs from 1 July to 30 June.
That means the 2026/27 season opens 1 July 2026. But the decisions that affect your season start well before that date. Storage levels, carryover positions, and entitlement trades happening right now will all shape what’s available when the season kicks off.
If you’re planning to buy water before the season opens, now is the time to move — not July.
What to Watch: Key Factors Heading Into 2026/27
Storage Levels
The single biggest indicator of what allocations will look like in the new season is how full the major storages are heading into winter. Lake Hume, Dartmouth, Eildon, and the Menindee Lakes collectively set the tone for the southern connected system.
Current storage trajectories will be updated through April–June. Keep an eye on the Murray-Darling Basin Authority’s weekly storage reports — or ask your broker for a read on where things are tracking.
Carryover
Many entitlement holders — particularly those on high-reliability licences in Victoria — have the option to carry unused allocation from one season into the next. If you’re sitting on unused allocation as 30 June approaches, understand your carryover rules and limits. Don’t let water expire when it could be traded or rolled forward.
Interstate Trade Windows
Interstate trades can take time to settle — particularly across state borders where extraction limits and trade cap rules apply. If you’re planning to buy or sell across state lines before the season opens, build in enough lead time. A trade lodged in mid-June may not settle before 1 July.
Temporary Water Prices
As the season draws to a close, temporary allocation prices tend to move based on how much water is left in the system and how much demand remains. If prices are currently attractive and you have short-term needs early next season, buying now can make sense.
If You’re a Farmer — Questions to Ask Yourself Now
Before the season starts, it’s worth reviewing:
- Do I have enough water for my 2026/27 irrigation plan? If not, now is the time to buy — before early-season demand pushes prices up.
- Am I holding entitlements I don’t need? If your farming operation has changed, selling unused entitlements before the season locks in today’s prices.
- Is my carryover position optimised? Don’t leave water on the table due to carryover limits you weren’t aware of.
- Are my entitlements registered correctly? New season is a good time to audit your water register records — errors can cause delays when you need to trade.
If You’re an Investor — What to Consider
Water has historically performed well as a long-term asset class in Australia, underpinned by a finite resource and growing agricultural demand. Heading into a new season:
- Watch allocation announcements closely — early season allocations set the tone for temporary water prices through the year
- Review your entitlement mix — are you holding the right balance of high-reliability vs general security for your investment horizon?
- Consider seasonal leasing — if you’re not using your allocation, temporary trade markets allow you to generate a return on idle entitlements each season
Buying or Selling Before the Season?
If you’re planning a water transaction before 1 July 2026, the window is open now. Trades typically take 4–8 weeks from agreement to settlement, which means decisions made in April and May have the best chance of settling cleanly before the new season opens.
At TrueBlue Water Exchange, we’re active in the market now across Victoria, New South Wales, and South Australia. Whether you’re buying for the season ahead or looking to sell before July, we can give you a current market view and move quickly.
Talk to TrueBlue Water Exchange or call 1300 382 092.
Stay Across the Market
We’ll be publishing regular market updates here on Market Insights through the lead-up to the 2026/27 season — including allocation announcements, storage trackers, and price movement commentary. Bookmark this page or reach out to get our weekly market update delivered to your inbox.
TrueBlue Water Exchange is a 100% Australian-owned water rights brokerage operating across VIC, NSW, and SA. With over 2,500 completed trades, we help farmers and investors navigate the water market with confidence.
