Hedland Maritime Initiative administers the State Government’s Port Hedland Voluntary Buy-Back Scheme, which provides property owners in the West End area with the opportunity to sell their property for a guaranteed settlement price.
As of September 10, of the estimated 404 eligible properties, 226 have sold or are selling to HMI. Of that total:
- 202 have been acquired;
- 6 properties are at the contract stage.
- 18 properties with accepted offers, pending contract execution.
Following the recent independent valuers’ assessment of the property market movement, a four per cent indexation is being applied to PHVBS offer prices from 6 August 2023. The HMI team is busy progressing revised offers to eligible owners who opted to wait for further indexation.
The majority of HMI-acquired properties are purchased from investors with residential leases in place.
HMI has committed to continuing these leases at least for the originally agreed term or until alternative accommodation becomes available.
This ensures residents are not displaced, and the PHVBS does not adversely impact the availability of local accommodation in the interim period.
Access to short-stay and affordable accommodation in Port Hedland is a challenge that a broad range of stakeholders are focused on addressing.
Read more about what HMI is doing to provide short-stay accommodation to the market, and other news here.
If you are interested in selling your property to HMI the team can be contacted on 9174 6900 or via email at email@example.com.