Water trading in Victoria

You can trade water in Victoria by applying through the Victorian Water Register (either directly or via a broker). Most trades are submitted online through the "My Water" portal. A water broker like Integra manages the entire process — finding a counterparty, checking compliance, lodging the application, and settling funds through a trust account.

Victoria's main irrigation trading zones are: Zone 1A (Greater Goulburn — the largest by volume), Zone 6 (Victorian Murray Above the Barmah Choke), and Zone 7 (Victorian Murray Below the Barmah Choke). Each zone has specific trading rules, IVT limits, and pricing dynamics. Integra specialises in all three zones.

The Barmah Choke is the narrow reach of the Murray River between roughly Yarrawonga and Barmah, where the channel constricts and limits downstream flow to about 7,000 ML per day — a capacity that is declining. It divides the Victorian Murray into Zone 6 (above the Choke) and Zone 7 (below). Because extra trade downstream would add delivery through the Choke, allocation trade from Zone 6 to Zone 7 has been restricted since 2014 and is effectively closed apart from limited openings — one reason below-Choke water trades at a premium. The Choke does not limit Goulburn trade: the Goulburn joins the Murray at Echuca, downstream of the Choke, so Zone 1A exports to Zone 7 bypass the Choke entirely and are governed by the separate Goulburn-to-Murray trade limit.

Water allocation prices in Victoria fluctuate daily based on supply, demand, and seasonal conditions. As at the week ending 18 July 2026, median VWR allocation prices were around $360/ML in Zone 1A, $325/ML in Zone 6 and $425/ML in Zone 7. For a firm current quote, call Integra on (03) 5824 3833 or visit our water prices page for recent market data. We provide transparent pricing benchmarked against live exchange data.

Yes. Interstate water trading is possible between Victoria, NSW, and South Australia through the Murray-Darling Basin trading framework. Interstate allocation trades are 1:1 by volume — a megalitre leaving the source register is credited as a megalitre on the destination register — and must be lodged with both state registers, subject to interstate trade rules and any applicable limits (such as the Choke restriction on above-to-below-Choke destinations). Integra handles interstate trades regularly and manages the additional compliance requirements.

The Victorian Water Register (administered by DEECA) is the regulatory authority for water trading in Victoria. All trades must be lodged and approved by the Register. Water corporations (Goulburn-Murray Water, Lower Murray Water, etc.) also play a role in administering trades within their districts. The ACCC oversees market conduct at the Basin level.