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Water shares. A water share is an ongoing entitlement to a share of the water available in your water system. It gives you a right to a share of water in the dams. Features of a water share include. 1  its water system, such as the Goulburn, Murray or Macalister. 2  its reliability, and. 3  the volume, such as 100 megalitres (ML).
The water share location may or may not change as part of the transfer of ownership. A change of location may occur when a water share transfer or an application to vary or associate a water share is approved and recorded in the Victorian Water Register.