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Some property investors have been hailing high yields in the property market despite plummeting values.

But Graham Duce, co-head of multi-manager at Credit Suisse, questioned whether current yields were sustainable.

"The concern is whether the NAV is getting close to breaking the covenants on the debt," he said.

Buying opportunities could arise if there is consolidation among funds in the sector, he said, "but it's critical to look at the amount of leverage".

Mr Duce acknowledged Asian property had potential, but he said he was wary of Japanese Reits after a sharp decline.

"J-Reits have been battered," he said. "Japan has been in a bear market. You were seeing some pretty hefty premiums with investors chasing yield."

Fellow co-head Aidan Kearney, however, added that property was due for a return to form in the long run.

"That same cycle went on a decade ago and the previous decade," he said. "The property market will come back when the deleveraging has run its course."

He said property currently accounted for 1 per cent of their portfolios.