Yes, the Word sister's is a common, possessive noun.
The noun sister is a common noun, a Word for any sister of anyone, anywhere.
By adding the apostrophe s ('s) to the end of the noun, it becomes a possessive noun, a Word that shows something in the sentence belongs to that noun. Examples:
My sister is a lawyer.
My sister's office is next to the courthouse.
A proper noun is the name of a specific person, place, thing, or a title; for example:
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