The 21-year-old passed away following the Boxing Day crash, while 28-year-old Jessica Falkholt remains in critical condition in Sydney’s St George hospital.
Their parents Lars Falkholt, 69, and Vivian Falkholt, 60, were both killed in the crash, and died at the done near Sussex Inlet in New South Wales.
A relative of the family told Daily Mail Australia: "Annabelle passed away this morning, we knew what was happening so family were with her.
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"Her and Jessica had such a strong sister bond. They are seriously close sisters. I feel Jessica would have known her sister has passed.
Annabelle's boyfriend Jordan Brohier posted a tribute to her on Facebook earlier this morning.
He wrote: "Today I lost the love of my life Annabelle. I’ve never met such a kind, gentle soul and this world is at such a loss without this beautiful angel.
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"The 3 years I knew her were the best years of my life. I’m so thankful for every second I got to spend with my baby."
Annabelle was being treated at Liverpool hospital after she and Jessica were pulled from the wreckage of the crash, only minutes before it burst into flames.
Their identities had to be confirmed through dental records as a result of the fire which claimed their lives.
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The driver of the other vehicle involved, Craig Anthony Whitall, 50, was also killed in the accident.
Chanel 7, which airs Home and Away in Australia, said: "Although her time on set was brief, once a part of the Home and Away family, always part of the family. Jessica’s outstanding talent and professional attitude left an impression on us all."
Jessica's character Hope Morrison appeared on the soap from September to November 2016.