Colin O'Hare and Jim Bodsworth heard the woman's screams at the same time.
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They were each at home when they rushed onto their Gilmore street to find a horrified neighbour in March 2013.
''She had just moved in and had two little kids, my first thought was that one of them must have been run over,'' Mr O'Hare said.
''But I saw something different, I saw two men punching each other.''
One of the men was on the ground as the other stood over him and dealt a rapid series of blows.
The neighbours immediately ran to break up the violent scuffle as the distressed woman, who had an infant in her arms, looked on.
As they tried to prise the men from each other, Mr Bodsworth noticed the man on top was armed with a knife.
He wrested the weapon from the man's grip and stuffed it in his pocket.
But that was after it had sliced through the palm of Mr O'Hare's hand and left a bloody gash that required 18 stitches and ongoing medical treatment.
The men, both aged 59, separated the pair and detained the armed offender until police arrived.
Their swift actions earned each of the men a commendation for brave conduct in this year's Australian Bravery Awards.
''It was probably over in minutes, but it really seemed like a long time to us,'' Mr Bodsworth said.
''It all happened so quickly we didn't have time to think about it.
''But we've said if we got there five or 10 seconds later it could have been an entirely different outcome.''
''We think anyone who heard the screams would have done exactly the same thing.''
The men have lived in the same street as one another for more than a decade and have been heavily involved with Gilmore's Neighbourhood Watch group.
''The whole concept of Neighbourhood Watch is to look out for your neighbour, it's very important,'' Mr Bodsworth said.
The two weren't the only Canberrans recognised by Governor-General Sir Peter Cosgrove in this year's awards.
Shane Allen,of Calwell, was also commended for his brave actions after he rescued a boy from a flooded stormwater drain in Isabella Plains in September 2013.
He heard yelling as he cycled along a bike path and spotted Jeysun Bilgin, then 13, as he was rapidly swept along the drain after heavy rains.
''He looked at me and screamed for help, he was obviously very tired and scared out of his brain,'' Mr Calwell said.
After several failed attempts to reach the boy or have him grab onto ladders on the drain's edge, Mr Allen ran ahead and climbed down another ladder into the water.
He reached out and grabbed the teenager's wrist as he rushed towards him and swung him to the side of the drain, where they got out safely and waited for paramedics.
Mr Allen, 19, said it all happened very quickly and his initial reaction was simply, "I have to do something".
He said he was ''a little bit excited, a little bit nervous'' to be formally recognised.
''It was lucky, 10 seconds either way I probably wouldn't have seen him.''