Zone 11 water price — NSW Murray Below the Choke
Zone 11 covers the NSW Murray from the Barmah Choke to the South Australian border — including the Edward–Wakool system and the horticultural districts around Buronga, Coomealla and Curlwaa. It sits in the below-Choke market alongside Vic Zone 7 and SA Zone 12, where permanent plantings keep demand firm and the Choke limits how much upstream water can come down to meet it. For today’s tradeable level, call (03) 5824 3833.
Need a Zone 11 quote?
Call (03) 5824 3833 or request a callback.
Where Zone 11 prices are published
We don’t display live Zone 11 figures on this page — recorded trade data for this zone is published by the sources below, and published prices can lag the live market by days. For today’s tradeable level, call the desk on (03) 5824 3833 for a quote benchmarked against current market depth.
- NSW Water Trade Dashboard (DCCEEW)
Official NSW register data — allocation and entitlement trade volumes and prices by water source. Prices are self-reported and include non-market and $0 trades, so read medians of commercial trades rather than single entries.
- MDBA — Barmah Choke trade balance
The live balance governing how much upstream allocation can trade down into the below-Choke market — when it is exhausted, Zone 11 relies on local supply and prices firm.
- Bureau of Meteorology — water market information
National, standardised trade data compiled across all state registers, useful for comparing Zone 11 against Vic Zone 7 and SA Zone 12.
Zone 11 price at a glance
- • Quoted in: AUD per megalitre (ML) of allocation (water assigned between licence accounts)
- • System: NSW Murray from the Barmah Choke to the SA border, including the Edward–Wakool system
- • Entitlement categories: high security, general security (the dominant class), supplementary and conveyance
- • Main demand: permanent horticulture — wine grapes, citrus, table grapes — plus the broader below-Choke almond belt
- • Trade: freely connected with Vic Zone 7 and SA Zone 12; supply from above the Choke limited to available back-trade
What drives the Zone 11 water price?
Zone 11 (NSW Murray Below the Choke) allocation prices respond to a handful of forces specific to this system. Understanding them helps buyers and sellers time a trade.
The below-Choke premium
Zone 11 buys and sells in the same pool as Vic Zone 7 and SA Zone 12 — the below-Choke market where permanent horticulture cannot defer demand. Because trade down from the above-Choke zones is limited to available back-trade, below-Choke prices can diverge to a premium whenever the MDBA trade balance is exhausted and local demand is strong.
Available water determinations (AWDs)
NSW DCCEEW announces determinations for each licence category — general security opens conservatively on 1 July (zero in dry years) and builds as inflows firm, while high security opens at or near its full share. Determinations are assessed on the NSW share of Hume, Dartmouth, Menindee and Lake Victoria storage.
Permanent horticulture demand
Wine grapes, citrus and table grapes around Buronga, Coomealla and Curlwaa — and the wider almond expansion below the Choke — need water every year regardless of price. That inelastic demand puts a floor under Zone 11 prices in dry seasons that the annual-cropping zones upstream do not have.
Delivery shortfall risk
The MDBA has flagged that growing horticultural demand downstream of the Choke is changing flow patterns and raising the risk of peak-summer delivery shortfalls. Seasons where delivery risk is elevated add a premium to water already held below the Choke.
Carryover positions
NSW Murray general security licences can carry over up to 50% of entitlement, capped at 110% total account credit. Below the Choke, carryover is also how sellers warehouse water for forward commitments to horticulture — its level shapes both sides of the market.
Temporary water vs allocation in Zone 11
The Zone 11 temporary water price and the Zone 11 allocation price are the same figure — the cost of one season’s water, quoted in AUD per megalitre. It is separate from the price of a permanent water entitlement in this zone, which is the ongoing asset that receives allocation each year. For the full distinction see entitlements vs allocations, or our overview of temporary water prices in Victoria.
Permanent water
Thinking of selling your Zone 11 (NSW Murray Below Choke) water shares?
Watching allocation prices is often the first step in a bigger decision. Integra also brokers permanent water entitlement sales — high security and general security entitlements in Zone 11 (NSW Murray Below Choke) and across the southern basin — appraised against recorded register transfers, not list prices.
An appraisal is confidential, obligation-free, and tells you what your entitlement would realise in today’s market — so the decision to sell (or hold) is made on numbers, not guesswork. See how a permanent entitlement sale works, or the difference between entitlements and allocations.
Zone 11 water price — FAQs
What is the current Zone 11 (NSW Murray) water price?
Zone 11 allocation prices move with NSW determinations, below-Choke horticulture demand and the Barmah Choke trade balance, and generally track Vic Zone 7 closely. The NSW Water Trade Dashboard publishes recorded register prices, but they are self-reported and can lag the live market. For a firm, current Zone 11 price before you trade, call Integra on (03) 5824 3833.
Why does Zone 11 often trade at a premium to Zone 10?
Two forces: inelastic demand and constrained supply. Permanent plantings below the Choke must be watered every year, and the Choke limits how much above-Choke allocation can trade down to meet that demand — downstream trade is only approved against back-trade in the MDBA’s running balance. When the balance runs out in a dry year, the below-Choke market firms on its own supply.
Is Zone 11 water interchangeable with Vic Zone 7 and SA water?
Largely, yes — Zone 11 sits in the connected below-Choke pool with Vic Zone 7 and SA Zone 12, and allocation trades freely between them subject to state approval processes. That is why below-Choke prices across the three zones move together far more than they move with their upstream neighbours.
Is NSW general security the same as Victorian low-reliability water?
No. NSW general security typically receives meaningful allocations in most years but can open at zero in droughts — it sits between Victoria’s high-reliability shares (near-100% almost every year) and low-reliability shares (often nothing). Comparing prices across the border without adjusting for that difference misleads both ways.
What is the Barmah Choke — and why do some documents say “Barmah Narrows”?
It is the naturally narrow reach of the Murray through the Barmah-Millewa Forest — the lowest-capacity stretch of the river, passing roughly 7,000 ML a day, with capacity declining over time as sand accumulates in the channel. The MDBA now refers to it as the Barmah Narrows in current material; the market still overwhelmingly says “the Choke”. Same constraint, two names.
Can Integra sell my Zone 11 permanent entitlement?
Yes. Integra brokers permanent entitlement sales in the NSW Murray — high security and general security shares — alongside allocation trades, appraised against recent recorded NSW register dealings. Below-Choke entitlements attract steady demand from horticulture; call (03) 5824 3833 for a confidential appraisal before you decide to sell or hold.
Liz Johnston
Senior Water Broker
Indicative only. Not financial advice. Water trade involves risk of principal loss. Prices shown are indicative and may not reflect current market conditions. All trades subject to NSW water trading rules, the Murray–Darling Basin Agreement (Schedule D), and MDBA water trading rules.