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Transportation infrastructure improvement and real estate value: impact of level crossing removal project on housing prices

机译：交通基础设施改善和房地产价值：水平交叉拆除项目对房价的影响

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This paper studies the impact of removing the level crossing, which constitutes traffic hazard to the society, on house prices by conducting a quasi-natural experiment using the Level Crossing Removal Project (LXRP) implemented by the Victoria state government in Australia since 2015. Using a difference-in-differences method, we analyzed the changes in housing prices due to the improvement of transportation infrastructure, gauging the LXRP's impact on house and unit submarkets separately. We found that the prices for house and unit markets increased significantly after the removal of level crossings, with the value uplift decreasing with distance from the removal site. This paper contributes to the existing literature by adding an empirical study related to the enhancement of infrastructure aiming to improve the traffic safety in the urban context. Unlike previous studies, this study examines the effect of improvement projects for existing infrastructure and provides relevant implications to improve the efficiency of investing public resources in infrastructure improvement.
机译：本文研究了消除水平交叉的影响，该横穿对社会构成交通危害，通过澳大利亚自2015年以来维多利亚州政府实施的水平交叉拆除项目（LXRP）进行了准自然实验。使用差异差异化方法，我们分析了由于运输基础设施的改善而因运输基础设施的改善而分析了LXRP对房屋的影响和单位子报价。我们发现，在移除水平过境后，房屋和单位市场的价格在显着增加，随着距离现场的距离而减小的价值升级。本文通过增加与旨在提高城市背景下的交通安全的基础设施有关的实证研究，为现有文献提供了贡献。与以往的研究不同，本研究探讨了改进项目对现有基础设施的影响，并提供了有关的影响，提高了提高基础设施改善的公共资源效率。

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