The latest figures from the Central Statistics Office show that residential property prices nationwide rose by 7.2% in the year to August - the fastest pace in over a year.

On a monthly basis, property prices nationwide rose by 1.6% in August.

In Dublin, residential property prices increased by 4.5%. Dublin house prices rose by 4.8% in August, while apartments increased by 6.4%.

The CSO noted the highest rates of growth in the Dublin City and Fingal areas, where house prices rose by 5.9%. The lowest growth was seen in Dun Laoghaire-Rathdown, where prices increased by 1.5%.

Meanwhile, residential property prices around the rest of the country jumped by 11.4% in the year to August. House prices outside of Dublin were 11.5% higher, while apartment prices rose by 9.9%.

Today's figures show that the southwest region of the country saw the biggest prices growth, with prices up 14.8%. 

Property prices nationally are still on average 33.7% below their 2007 peak at the height of the property boom here. 

The CSO figures now cover all home sales - including cash deals - in the property market. The CSO said its new index measures price changes with greater accuracy as well as giving more detailed location information.

Today's figures show that 3,277 household market residential dwelling purchases were filed with the Revenue Commissioners in August, an increase of 5.9% compared to August 2015, when 3,094 purchases were filed.

Of these 3,277 filings, just 224 (6.8%) were for new builds and 3,053 (93.2%) were for existing dwellings. 

The total value of household market purchases in August was €842.9m.

In the 12 months to August, a total of 36,968 household market dwelling purchases were filed with the Revenue Commissioners. Of these, 24.4% were purchases by first-time buyer owner-occupiers, 51.9% were purchases by former owner-occupiers and 23.6% were purchases by non-occupiers.

Meanwhile, the average market price paid for a property nationwide in August was €257,214, while the average price paid for a dwelling in Dublin was €381,128.

Commenting on today's figures, KBC Bank Ireland economist Austin Hughes said that uncertainty about the likely impact of Brexit on the Irish economy may act as an important constraining influence on Irish house price inflation in the year ahead.

But robust demand and the influence from recent Budget 2017 measures to support first time buyers seem set to offer significant support to property prices, Mr Hughes added.