The Port Hedland Voluntary Buy-Back Scheme (PHVBS) provides residents within Port Hedland’s West End area with the opportunity to voluntarily sell their property for a commercially attractive, government-guaranteed market price. Eligible residential property owners will be offered a settlement price calculated as follows:
- the agreed market value of the property as at August 6, 2019 (indexed);
- a premium of 35 per cent of the agreed market value;
- indexation capped at +4% per annum (noting that indexation can reflect a negative movement); and
- an amount of up to $20,000 (including GST) for verifiable transaction costs.
The PHVBS is open until 31 December 2025. Funded by industry, the PHVBS is consistent with the Port Hedland West End Improvement Scheme 1 (IS1), gazetted in September 2020.
