Personally, I don't think housing prices will collapse unless there are mass bankruptcies (like 2008/9 in the US). Inflation is going to eat some of the housing prices gains, but people will just not put their house on the market for lower prices unless they have to.

I don't think many people will sell when their real estate agent tells them that they're house is now worth 200k less than last year (or the neighbor's house that just sold), they'll just keep paying the mortgage and wait for the market to improve.