Hello Lionsden,
You do.
The bid that is placed is the maximum amount you have bid.
The winning bid is the highest bid placed compared to all other bids.
eBay will only increase your bid by as much as the next previously placed bid or the next bid increment.
You still may need to account for bid increments to make sure your bid is high enough, but essentially, you would win the auction in the scenario you stated above.
-bjt