Home prices in Hong Kong have rebounded slightly from the lowest reading recorded in more than five and a half years, according to government data released on Friday.

Figures from the Rating and Valuation Department showed that January home prices rose 0.6 percent on-month, ending a seven-month downward trend.

But compared to January 2022, prices were down 14 percent.

Prices for small, medium and large-sized homes were all 0.6 percent higher than they were in December.

However, rents continued to slip for a fifth month, dropping 0.6 percent from December.

Hannah Jeong, head of valuation and advisory services at Colliers Hong Kong, said she doesn't expect property prices to surge in the near future, even after Financial Secretary Paul Chan announced stamp duty adjustments in his latest budget.

"The stimulus from the government is not too significant, and they just reduce the stamp duty for [flats valued] below HK$10 million. It won't really help the price level much," she told RTHK.

"We will see transaction volume coming back, but [for] the price expectation, we are still looking at a three percent decrease in 2023."

Jeong said it would take more time before the property market picks up, with a growth of up to five percent expected in 2024.