Will property price drop in next year or the year after?

Sadly, I think the prices unlikely to drop.

Supply has caught up. Technology will reduce labour cost, and speed up production. White flats also means less surface to paint. CCA also encourages more resale unit to be available. Aging population will increase death toll, which will lead to increase supply of resale units for rent and purchase. Land is timely being recycled, hence not a serious factor; it can be created somehow. LTV is lower than before. RTS going to be up, autogate is up for anyone above 110cm on foot, crossing border will soon be a breeze to cheaper property options. Property price inflation is probably psychological. Longer MOP in BTO also means reduce transaction in coming years. While lowering interest rate is probably the one that will increase borrowing options, there seems to be more factors pointing towards lowering cost of property price to pre COVID times.