Land not a premium in Australia?? Averaged size blocks with no house or an absolute dump sitting on the block are selling for $1-2M
I expected your response, so I want to say that $2M will buy you a great house on decent land, even in Sydney. Not that it's a nice way to spend that much money. Like the rest of the world.
Like an apartment. People don't want to buy a good piece of land outside the city. That doesn't mean we're running out of land.
It's extremely useful. It's just not in demand. Which is exactly what I just wrote. Land is not at a premium. Space in the cities is, like every nation around the world.
Obviously when people say land is scarce, they mean that the useful land that people actually want to live on is scarce.
Having a billion square km of sand in the desert isn't useful when someone wants to buy a place to live and exist in a society.