Steyn City property goes to auction as owner racks up R158 000 levy debt

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Luxury Steyn City home heads to auction for far less than it sold for in 2023.

0 Luxury living. For illustration purpose. Image: Pexels For some fortunate buyer, the search for a Steyn City home for sale will end with the bargain of the decade.

In Steyn City, where the average sale price is R4.7 million, and the cheapest flat on the market is R1.9 million, one property is heading to auction for less than R1 million of its market value.

This flat could be a once-in-a-lifetime purchase for a buyer with the funds to bid at auction.

According to the Private Property listing, the homeowner has extensive rates and levies debt. The listing shows R88 611 in arrears on rates and taxes and a further R69 096 in levy arrears, for a total of R157 707.

On similar properties in Steyn City, rates, taxes and levies total R5 700.

This debt breaks down to roughly 27 months of non-payment, excluding interest.

Steyn City is home to some of Gauteng’s most expensive properties.

This particular flat is located at Oasis at Steyn City. Flats in this part of the development routinely sell for above R2 million.

But this flat, which goes to auction on 17 November, has a R1.9 million reserve.

Buyers willing to bid on this 99-square-metre ground-floor unit will get access to 2 bedrooms, 2 bathrooms, and 2 parking bays.

They could also get the home at a bargain.

If it breaks reserve and doesn’t get higher bids, a successful bidder may get the property for less than it sold for in 2023.

In 2023, the unit sold for R2.7 million, according to data from the South African Deeds Registry.

Since 2023, property prices in Steyn City have increased by 8.62%.

This means this unit would be worth R2.93 million today.

Sold for reserve, a bidder would get a 35% discount.

Any buyer will be pleased to find a Steyn City home on sale for this price given the estate’s amenities.

Residents have access to restaurants, an upmarket shopping district, a spa, a championship golf course, horse riding and mountain bike trails.

The 2 000-acre estate has multiple fitness centres, a wellness hub, and a lagoon precinct.

Then there’s the private school, serving pre-primary grades to matric.

Buyers could also enjoy the property’s investment potential.

Ground-floor units in the same complex are let for R25 000. Fully furnished units are let for R30 000.

Currently, Absa is taking more than 80 homes to auction across the country, some with no reserves.

In Umhlanga Rocks, the bank is auctioning a luxury flat on Lagoon Drive where the owner has racked up R576 014 in rates arrears.

The bank is also selling a handful of repossessed properties.

In Sandown, Sandton, for example, the bank is selling a 4-bedroom home for R5.2 million.

Buyers wanting a bargain in Cape Town can also bid on a property 17 minutes from the City Centre with a R600 000 reserve. Sectional Titles in the area typically sell for closer to R1 million.

These listings come as South African homeowners fall on hard times.

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.

But the problem predates the recent economic stressors.

According to Experian data, in the first quarter of this year, R5.7 billion in new home loan default balances were recorded.

This is a 16.1% reduction compared to the same period last year.

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