The price of temporary water on the Murray and Murrumbidgee water markets has experienced an overnight decrease of 13pc, with the average price dropping from approximately $345 per megalitre to now just short of $300/ML.

According to water brokers, Waterfind, the rapid fall in price experienced may coincide with an expectation among growers of an increased allocation announcement tomorrow.

Waterfind chief executive Tom Rooney said temporary prices in the water market usually move relatively slowly, making this one of the quickest decreases seen in long time.

"What we have seen in the last day or two is the price of water coming down even further, with the market now sitting around the $300/ML mark," he said.

Market activity so far in October represents a very different price movement compared to what was experienced this time last season, when a sudden surge in demand and a shortage of water available on the market coincided with a very sharp and record rise in price.