Of course an important concern is being able to liquidate your position in 12 months time, with high confidence. The last thing you want is to be temporarily in the red, but the position still looks good, and you're holding and hoping, and waiting to buy the house.
So, property and property trusts are out then.
Bank interest makes sense when you can get nearly 6%.
I would look at IGO, since I think it is due another leg up, and the whole story should play out within 12 months.
Also OXR, by this time next year they should be very close to copper production, if you look back they have delivered on everything they undertook.
In blue chips, I think ANZ looks good if the A$ stays high, AMC if the A$ drops in value again.
For something riskier, you could look at an investment in Czech Republic held in Czech crown currency. They will join the EU this year -- after joining the EU, both Spain and Ireland had massive gains in their housing markets. I think the crown could revalue a lot higher, just not sure when.
PS: Croupier, your friend who bought physical gold 2 years ago is down about 10%, plus transaction costs! http://fx.sauder.ubc.ca/cgi/fxplot?b=XAU&c=AUD&rd=731&fd=1&fm=1&fy=2003&ld=31&lm=12&ly=2004&y=daily&q=volume&f=png&a=lin&m=0&x=
