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

Transportation (Dordrecht), 2021-12, Vol.48 (6), p.2969-3011 [Peer Reviewed Journal]

The Author(s), under exclusive licence to Springer Science+Business Media, LLC part of Springer Nature 2021 ;The Author(s), under exclusive licence to Springer Science+Business Media, LLC part of Springer Nature 2021. ;ISSN: 0049-4488 ;EISSN: 1572-9435 ;DOI: 10.1007/s11116-020-10157-1

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Title:
Transportation infrastructure improvement and real estate value: impact of level crossing removal project on housing prices
Author: Liang, Jian ; Koo, Kang Mo ; Lee, Chyi Lin
Subjects: Economic Geography ; Economics ; Economics and Finance ; Empirical analysis ; Engineering Economics ; Housing ; Housing costs ; Housing prices ; Infrastructure ; Innovation/Technology Management ; Level crossings ; Logistics ; Marketing ; Organization ; Prices ; Pricing ; Real estate ; Regional/Spatial Science ; State government ; Submarkets ; Traffic accidents & safety ; Transportation ; Value
Is Part Of: Transportation (Dordrecht), 2021-12, Vol.48 (6), p.2969-3011
Description: 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.
Publisher: New York: Springer US
Language: English
Identifier: ISSN: 0049-4488
EISSN: 1572-9435
DOI: 10.1007/s11116-020-10157-1
Source: ProQuest Databases

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

The Author(s), under exclusive licence to Springer Science+Business Media, LLC part of Springer Nature 2021 ;The Author(s), under exclusive licence to Springer Science+Business Media, LLC part of Springer Nature 2021. ;ISSN: 0049-4488 ;EISSN: 1572-9435 ;DOI: 10.1007/s11116-020-10157-1

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