Interesting article in a recent SMH about winning at auctions, and the issues to be aware of so that you don't lose control. Part of the article: By using the right strategies, buyers can win big time at auction. Auctions, especially on-site, were once considered Sydney's best live theatre - neighbours could watch hopeful buyers bid for the honour of paying record high prices during Sydney's biggest property boom. A depressed housing market, record low clearance rates and more transparent auction rules, however, have turned things around and now buyers are increasingly the big winners in the live action. You can read the rest here: http://www.domain.com.au/Public/Article.aspx?id=1143083961242&index=NationalIndex Interesting to note that there's a few conflicting opinions, even amongst buyers' agents, about the best tactics to employ. My two cents: each auction has different circumstances and you need to work out strategy based on the knowledge you have available accordingly.