This study analyses the changes in intra-city housing values in response to improved inter-city connection brought by high-speed rail (HSR), using the opening of the Hangzhou–Fuzhou–Shenzhen Passenger Dedicated Line (HFSL) in Shenzhen, China, as an example. The opening of the HFSL and its integration into the local metro network at Shenzhen North Station provide exogenous intra-city variations in access to the surrounding economic mass. With a difference-in-differences approach, we find that the HFSL showed a negative local effect as housing values declined by 11.5%–13.3% in the proximity of Shenzhen North Station relative to areas further from the station after the opening, possibly due to the negative externalities of the HFSL. The HFSL effect can spread along the metro network and lead to, on average, a 7% appreciation of housing values around metro stations (network effect). The direction and strength of the network effect vary by metro travel time between Shenzhen North Station and metro stations. Housing values decreased by 7.7% around metro stations within 5–15 minutes of metro travel time but increased by 63.6%, 16.6% and 29.2% around metro stations within 15–25, 25–35 and 35–45 minutes of metro travel time to Shenzhen North Station, respectively. The HFSL effect on housing values diminishes when the rail travel time is above 45 minutes. We interpret these findings as evidence of the redistribution effect in the city related to HSR connection.