Irish house prices rose by 16.3% in 2014, with the average value of property growing by 2% in the fourth quarter.

The strongest growth was seen in Dublin - where prices were up 18% during the year, and Cork which was up 17.9%.

But when Dublin is excluded from the national figure, the increase in the 12 months to the end of December was just 13.9% according to the Sherry Fitzgerald Group.

It finds that the regional centres also saw upward price movement during the nine month period.

Owner occupation still dominates the purchaser profile at 77%, while investors now account for 16% of all purchasers.

And it says first time buyers are relatively active in the market, accounting for 17% of the properties - this compares to 20% in the same period in 2013.

An analysis of the profile of those who sold their property through Sherry FitzGerald revealed that 32% were selling investment properties, while executor sales accounted for 13%.

Chief economist at Sherry FitzGerald, Marian Finnegan, told Newstalk Breakfast the property market is very much a divisive one.