I think at some point in time you will be right. But when that time is will be exceptionally hard to pin down.

Al long as currency can be borrowed exceptionally cheap (artificially low interest rates) and there is no public backlash for governments to debase their currency (print, baby print. We need inflation, moar, moar, moar!) and there are a lot of people with money that needs to be invested (with paper investments seeming to be vastly over valued) land prices could continue the upward trajectory for a lot longer than what fundamentals would dictate. For an example of such action, look at current stock and bond valuations. No connection to reality.

We are living in an artificial market world. Realities have been suspended for the time being but have an uncanny way of expressing themselves at the worst possible time.

John