The second instalment of the movie starring Robert Downey Jr and Jude Law took $6,436,337 in ticket sales, putting it way ahead of Alvin and the Chipmunks: Chipwrecked, which made less than $4 million.
> Stephen Fry: 'Sherlock Holmes: A Game of Shadows' interview
The Adventures of Tintin falls down one spot to third place, while Eddie Murphy and Ben Stiller film Tower Heist jumped up from fifth to fourth on the list.
After taking the top spot last week, Tom Cruise's action movie Mission: Impossible - Ghost Protocol only made it to number six after taking $1,301,694 at the box office.
Other movies in the top ten include Meryl Streep's Margaret Thatcher biopic The Iron Lady and stage play-turned-motion pictureWar Horse.
The Australian box office top ten for January 5 to January 8 in full (figures in Australian dollars):
1. (-) Sherlock Holmes: A Game of Shadows - $6,436,337
2. (-) Alvin and the Chipmunks: Chipwrecked - $3,649,301
3. (2) The Adventures of Tintin - $1,900,321
4. (5) Tower Heist - $1,427,062
5. (6) War Horse - $1,408,429
6. (1) Mission: Impossible - Ghost Protocol - $1,301,694
7. (3) Happy Feet Two - $1,271,378
8. (8) The Iron Lady - $1,171,460
9. (9) We Bought a Zoo - $1,131,034
10. (4) Puss in Boots - $485,437
Watch the trailer for Sherlock Holmes: A Game of Shadows below: