You should never bid until the propertty is on the market (assuming it reaches the reserve) and preferably wait til the very end to strike with a bid when the crowd believes there are no more bidders. I am also a fan of teh killer bid – ie upping the ante with $2000 if bids are at $500. These tactics unnerve other bidders. Its all psychological warfare on auction day.

Remember not to get too emotional about a property and stick to your preagreed limit. There will always be another property of a similar ilk.