The Toyota Corolla has taken out the title of best-selling vehicle in 2014, claiming top-spot honours for the second year straight by just pipping the Mazda 3.

2014 Toyota Corolla Sedan ZR and Corolla Hatch Levin ZR

The Corolla notched up 43,735 sales over the calendar year - just a few hundred units more than its nearest rival, which also happens to be a Japanese small car, the Mazda 3 (43,313).

It was a dice between the two cars all year, with the Mazda 3 taking monthly honours in January, February, September, November and December. However, with six months worth of sales above 3500 units, the Corolla eventually took the gong.

Mazda 3 XD Astina-8

The Corolla improved its yearly sales by 0.5 per cent compared to 2013 (43,498 units), while the Mazda 3 improved 2.9 per cent on its 2013 sales figure (42,082).

Further down the sales ranks, the HiLux (third spot, 38,126 sales) and Camry (eighth spot, 22,044 sales) made it in to the top 10,  while the Mazda CX-5 claimed ninth spot with 21,571 sales. See a full breakdown of the top 10 cars below.

Overall, the market volume decreased by 2.0 per cent compared to 2013's record annual sales, dipping by 23,003 units to a tally of 1,113,224 sales.

Toyota took the title of best-selling brand in 2014 with 203,501 sales, making up 18.3 per cent share of the overall market and marking the 12th straight year the Japanese company has topped the sales charts.

Australia's top 10 best-selling cars for 2014:

1. Toyota Corolla – 43,735

2. Mazda3 – 43,313

3. Toyota HiLux – 38,126

4. Hyundai i30 – 31,505

5. Holden Commodore – 30,203

6. Ford Ranger – 26,619

7. Mitsubishi Triton – 24,256

8. Toyota Camry – 22,044

9. Mazda CX-5 – 21,571

10. Volkswagen Golf – 19,178