Wine glut causes financial hangover for vineyard owners

Low prices, lack of demand and high costs are forcing many owners of hobby farm wineries to plough up their vines or create an outlet for their home-grown labels, agricultural specialists say. Sam Paton, a valuer with Agribusiness Valuations Australia, said dreams of creating a flourishing winery had routinely turned sour for a generation of vintners. “Most of them were city professionals, like lawyers, doctors, or dentists, with plenty of cash but little business savvy,” Mr Paton said.