A new study has found that it could take until the end of this decade for demand and supply to meet in the Irish housing market.

Goodbody's 'Irish housing from the ground up' says that the Irish market is in the second year of a period of sustainable growth.

Dermot O'Leary, chief economist at Goodbody Stockbrokers spoke to Newstalk Breakfast - he outlined how this growth is different to the Celtic Tiger housing bubble:

"What makes a property bubble is expectations of future price rises feeding into the demand for housing. This is investors getting involved in the market, with cheap credit in most regards, that would make a bubble. This is where the Central Bank's intervention is pretty vital."

The study forecasts that new mortgage restrictions will cause the market to slow down - this will happen in the second half of 2015.

Goodbody believes that current prices are close to "fair-value" and that housing prices will grow by 7 percent this year and 5 percent in 2016.

Ireland's "unique demographics" are supporting this growth - after a deep recession the country's young population are buying up the excess properties built during the boom in urban areas - particularly around Dublin.

The report predicts that this demand will continue to grow as the Irish labour market improves and confidence in the banking system recovers.

Housing completions grew for the first time in eight years in 2014 with 11,000 units being supplied. Goodbody points out that this is 88 percent below peak-levels.