Fail to commit file at root folder

Using 1.4.0 (r21228)
The following set of command fails:

svn co https://localhost:8443 test_working_copy
cd test_working_copy
echo test > test.txt
svn add test.txt
svn commit -m test1
svn up
echo test2 > test.txt
svn commit -m test2
svn update
echo test3 > test.txt
svn commit -m test3

The error is:
svn: Commit failed (details follow):
svn: Your file or directory 'test.txt' is probably out-of-date
svn: The version resource does not correspond to the resource within the transaction. Either the requested version resource is out of date (needs to be updated), or the requested version resource is newer than the transaction root (restart the commit).

Mitigating factor: this only appears when you are working on the root folder of the site. Not just the root folder of the repository.
Trying the same on the following URLs work:
https://localhost:8443/test/ (where /test/ is the root of the subversion repository)
or
https://localhost:8443/trunk (where /trunk is a folder inside the SVN repository)
Received on 2008-03-24 11:41:04 CET