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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).
DEFINITION of 'Water Rights'. Water rights are one of the interests that may attach to real estate ownership, and pertain to the rights to use adjacent bodies of water. Riparian rights are awarded to land owners whose property is located along a river, stream or lake.Typically, landowners have the right to use the water as long as such use does not harm upstream or downstream neighbors.iparian rights are awarded to land owners whose property is located along a river, stream or lake. Typically, landowners have the right to use the water as long as such use does not harm upstream or downstream neighbors.