With rents and property prices growing at boom levels, Breakfast Business sat down with a panel of experts to review the year in property, and to cautiously look forward to 2015.

Newstalk's buiness editor Ian Guider was joined by Marie Hunt, Executive Director of CBRE, Jonathan Hillier from HWBC and James Nugent from Lisney.

The year that was...

With the volume of transactions in the market increasing dramatically in 2014, the panel were asked whether market growth is reaching record levels. Marie Hunt predicted that figures at the end of the year will match numbers recorded during peak Tiger years, adding: "It has been an absolutely phenomenal year - it has taken people by surprise."

Ian asked if there was still value to be found in the Irish properties - Jonathan Hillier thinks that investors will continue put money into the market. He pointed out that in-spite of the high growth levels - values are still well below what they were during the boom.

Mr Hillier also thinks that the growing rent market gives Ireland an advantage when compared with other similar property markets.

James Nugent thinks that we are seeing "two tiers" of investment in Ireland. Irish investors are becoming more active, but with smaller investments. The second bracket are big international investors who are making much bigger purchases.

Dublin and the rest 

On the question of whether the up-lift in the market is just happening in Dublin, or if it is spreading around the rest of the country - Marie Hunt thinks the growth is happening in other regions too: "One of the key trends of 2014 was that we did see that [property purchases] spill out into regional locations."

Ms Hunt pointed out that the major deals that make the headlines take place in Dublin, but portfolios including assets like regional shopping centres are being bought up all across Ireland.

Mr Hillier added that HWBC, who have been responsible for two of the biggest portfolio sales in Ireland in 2014, thinks that price increases have been slow to spread.

The panel also commented that there are still a lot of areas in Dublin that can be developed - Cherrywood was cited as an example.

Housing

The panel discussed the effect that the Central Bank's new mortgage regulations will have on the market. Ms Hunt explained that the current situation in creating uncertainty could slow investment.

With some prices in Dublin rising by over 20 percent - Johnathan Hillier said that he has not seen the price increases spreading out of Dublin.

James Nugent added that he thinks that price increases are going to slow down soon.

Going forward for 2015...  

Ms Hunt believes that the market will not change greatly in 2015 - adding that the main threats to the market are macro-world economy issues, rather than domestic problems.

Mr Hillier thinks the investment market will calm down - but remain strong, with a lot of international investments coming into Ireland.

The last word was given to James Nugent who said: "On the residential side, if you see the same increases that we've seen this year - go to the airport and leave the country."