Will property prices drop since the market is doing badly now? Is it advisable to source for a resale at this time for first-time house buyers?

Property is affected but prices are not falling a lot.

I think it has room to fall further...

resale flat usually have high staying power because of their great locations. its hard to find bargains unless the economy is really bad. you need more than few months to see this

Yes, i am also of the opinion property prices will decline.

a lot of fresh unemployment, new graduates without jobs, and companies closing down. Even for those who are still gainfully employed or with their companies intact, people are reluctant to spend on properties.

However, prices are sticky. Property owners can choose not to lower their prices and it may take a few months or quarters for property prices to decline downwards.

If you want a bargain, you may have to be patient.