Self healing of early stage radiation damage by site selective solute segregation is a promising approach to extend the lifetime of nuclear reactor components. In the present study, the creation and autonomous healing of irradiation-induced damage is investigated in pure Fe and high purity Fe–Au and Fe–Cu model alloys. To create radiation damage samples are irradiated at 550 °C by 120 keV He⁺ ions with fluences of 5.0 × 10¹⁵, 1.0 × 10¹⁶ and 5.0 × 10¹⁶ ions/cm². The observed increase in the S and W parameters determined in the variable energy positron annihilation spectroscopy measurements indicates the formation of vacancy-like defects, precipitates and vacancy-solute complexes. The presence of substitutionally dissolved Au is found to reduce the formation of radiation defects more efficiently than solute Cu. Site-specific Au precipitation at defect sites is indicated, which results in damage healing with a reduced swelling, whereas Cu precipitates and radiation damage only show weak interaction. Ab initio calculations show that the binding energies of Au solutes to vacancy clusters (Au-V_n) are significantly larger than those of Cu solutes (Cu-V_n) whereas the binding energies of helium filled vacancy clusters Au-He_nV_n and Cu-He_nV_n are comparable.