Steyn City flat heads to auction after R157,707 rates and levy arrears
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A two-bedroom ground-floor unit at Oasis at Steyn City will go under the hammer on 17 November with a R1.9 million reserve after its owner accumulated R157,707 in rates and levy arrears, according to the Private Property listing.
A two-bedroom ground-floor apartment at Oasis at Steyn City in Gauteng is heading to auction on 17 November with a R1.9 million reserve after its owner built up R157,707 in municipal and estate arrears, according to the Private Property listing.
The listing shows R88,611 owed on rates and taxes and a further R69,096 in levy arrears. On comparable properties in the estate, rates, taxes and levies total about R5,700, meaning the debt represents roughly 27 months of non-payment excluding interest.
The 99-square-metre unit has two bedrooms, two bathrooms and two parking bays. It sold for R2.7 million in 2023, according to South African Deeds Registry data, and property prices in Steyn City have risen 8.62% since then. The estate's average sale price is R4.7 million and its cheapest flat on the market is listed at R1.9 million; ground-floor units in the same complex let for R25,000 a month, or R30,000 furnished.
The sale is part of a wider wave of distressed stock. Absa is taking more than 80 homes to auction across the country, including a luxury flat on Lagoon Drive in Umhlanga Rocks where the owner has accumulated R576,014 in rates arrears, and a four-bedroom home in Sandown, Sandton, priced at R5.2 million.
The listings come as South African homeowners come under pressure. According to the 2026 Old Mutual Savings and Investment Monitor, roughly one-fifth of middle-income South Africans have fallen behind on home loan repayments, up from one-sixth in 2025. Experian data shows R5.7 billion in new home loan default balances in the first quarter of the year, 16.1% lower than the same period last year.