Water availability can be considered as one of the main restrictions for future development in South-Central Chile, due to the reported decreasing trends in precipitation in the last decades and the increasing demand for this resource. This issue makes the study of past water availability fundamental for the understanding of present and future variations. This paper presents a comparison of two water availability reconstructions within the Valdivian rainforest ecoregion (35°–48°S), one corresponding to a precipitation (37°–39.5° S) and the other to a streamflow reconstruction (41° S). This study shows that there are fundamental differences between them especially in the long term variability. However, there are also coincidences, mainly at higher frequency variations, such as at a bidecadal, decadal and annual scale. Another important finding is that these reconstructions show significant correlations with different climatic forcings in this area. The northern reconstruction presents a significant relationship with ENSO (El Niño Southern Oscillation), while the southern does the same with the AAO (Antarctic Oscillation Index).