Index: src/java/org/apache/ivy/ant/IvyAntSettings.java
===================================================================
--- src/java/org/apache/ivy/ant/IvyAntSettings.java	(revision 689850)
+++ src/java/org/apache/ivy/ant/IvyAntSettings.java	(working copy)
@@ -239,11 +239,12 @@
         prop.init();
         prop.execute();
 
-        
         IvyAntVariableContainer ivyAntVariableContainer = new IvyAntVariableContainer(getProject());
 
         IvySettings settings = new IvySettings(ivyAntVariableContainer);
-        
+        String ivyHome = getProject().getProperty("ivy.home");
+        settings.setDefaultIvyUserDir(getProject().resolveFile(ivyHome == null ? "." : ivyHome));
+
         if (file == null && url == null) {
             defineDefaultSettingFile(ivyAntVariableContainer);
         }