On December 1, small allocation rises for water were announced for NSW Murrumbidgee (+2pc) and Lower Darling general security allocations (+10pc).

Also, allocations rose for the Victorian Murray (+3pc) and Goulburn (+3pc) high reliability water shares.

These increases have made available an additional 104 gigalitres of water in the southern Murray-Darling Basin.

This lifts the total amount allocated to licence holders to nearly 19pc of total entitlements, compared with 15pc this time last season.

Waterfind says the price of water fell in the 24 hours following the allocation announcements.

The price fell on average from about $350 per ML down to $320 per ML.

Waterfind chief executive Tom Rooney says the water price movement has been more stable so far this season compared with the volatility at this time last season.

In early December last year, for instance, the price of water had begun its descent from the record high November prices and went on to fall by around 400pc by February 2008.

This December, while prices have fallen slightly, the market still remains at a relatively stable price point.

“The past 5 months of water trading have presented a much safer and more predictable set of conditions for irrigators entering the water market, compared to that of last season” Mr Rooney says.

On the back of the volatile 2007-08 season, irrigators have been cautious so far this season, with regards to water purchasing. December and January may present an opportune and affordable time for irrigators to build up their water supply for the remainder of the season or to look into carry-over for the 2009-10 season, he says.