The balloon festival is usually held in Autumn each year, as it needs cold air for the balloons to rise. The balloons start inflating soon after 6am and will often launch about 7am if the winds are favourable. Being in March, it will still be dark and cold.
If it is too windy or the wind is blowing in the wrong direction, they will cancel the launch. The radio stations will usually announce what is happening.
After launching, the balloons usually head in a North-West direction out over the lake. As a result, there are many lakeside locations that will give you great photos. Popular locations are:
the balloon launch site
Lennox Gardens (good because the sun is behind and to the right)
National Museum of Australia
Commonwealth Ave bridge
There are public toilets here, as well as a range of breakfast opportunities eg pancakes.
The balloons are assembled and launched from the lawns between Old Parliament House and Lake Burley Griffin.
If you get there early you can park in the Questacon car park, or failing that, the National Library carpark.
As the balloons launch before working hours, carparks are usually free.
If you want to view the balloons as they go overhead and then out across the lake, then Lennox Gardens is a good spot. You can park in the free carpark or on Flynn Drive. But you'll need to get there early.
It is still dark when they start inflating the balloons
Taken about 7:15am from Lennox Park
Sometimes they have problems getting height so kayakers and paddleboarders get underneath them to stop them sinking.