The Wolf of Wall Street duo were seen travelling through Sydney on Saturday (December 29).
According to The New York Daily News, the actors were spotted on a yacht filled with attractive women as they cruised the waterways.
Ringing in 2013 early, both DiCaprio and Hill were also said to be travelling with Django Unchained star Jamie Foxx and Gossip Girl's Chace Crawford.
The foursome are reportedly headed to Las Vegas to finish out their holiday celebration.
DiCaprio and Hill, who just split from his long-time girlfriend, are both due back to the set of director Martin Scorsese's The Wolf of Wall Street to finish filming for the movie's 2013 release.
An official release date for the film has yet to be revealed.
Photo gallery - Wolf of Wall Street location pictures:
Copyright: Startraks Photo / Rex Features