I tried to buy a warehouse in Melbourne recently, it was listed at $790k - $850k originally. I was prepared for 1.1M knowing the under-quoting going on in the industry...
Anyway come day of the auction my mum was there in person to bid (as I'm in Sydney) and I'll never do a phone bid again - because there was so much I couldn't account for being over the phone.
It started around 900k, shot up to 1.1M very quickly, then it was me and the other bidder. My original hard limit was 1.153M because you have to have a limit and I hate round numbers.
We went all the way to 1.17M before I gave up, it sold at 1.175M. I'm still annoyed but it wasn't to be.