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.

中文翻译：

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交通基础设施改善与房地产价值：平交道口拆除工程对房价的影响

本文通过使用澳大利亚维多利亚州政府自 2015 年以来实施的平交道口拆除项目 (LXRP) 进行准自然实验，研究了拆除对社会构成交通危害的平交道口对房价的影响。我们采用差值法，分析交通基础设施改善导致的房价变化，分别衡量LXRP对独立屋子市场和单元子市场的影响。我们发现，在平交道口拆除后，独立屋和单元房市场的价格显着上涨，而随着距拆除地点的距离增加，房价上涨幅度下降。本文通过增加一项与旨在提高城市环境中交通安全的基础设施建设相关的实证研究，为现有文献做出贡献。