Super maxi Wild Oats XI sailed from Sydney to Hobart in the fastest time ever recorded as it took out the 61st running of the blue water yachting classic.

Wild Oats smashed Nokia's 1999 line honours record by more than an hour and remains in contention for a handicap victory as the smaller boats return to Hobart's Constitution Dock.

The Australian yacht claimed victory just after 8am (AEDT) on Wednesday - one day, 18 hours, 40 minutes and 10 seconds after the starter's gun in Sydney Harbour.

Skipper Mark Richards described the win as a "huge, huge relief" after his crew was forced to drop its torn main sail six nautical miles from the finish line.

"The toughest part of the bloody race was the last," he said.

"We thought it was just too easy going the whole way here and something had to go wrong and it did."

Wild Oats kept a 15 nautical mile lead through most of the race after an initial tussle with Alfa Romeo, an almost identical yacht having been designed and built by the same people.

But a decision to move closer to shore the first night, coupled with 40 knot winds gave the 30-metre yacht an unshakeable lead.

New Zealand's Alfa Romeo finished one hour, 16 minutes and 21 seconds behind Wild Oats, but still finished inside two days.

Skandia claimed third place in two days, 25 minutes and 57 seconds.

Speaking with the media before his crew tossed him into Constitution Dock, Richards said the yacht had survived "very tough, very dark and very fast sailing" to maintain its lead.

"We had a couple of potential major issues last night with heavy rain conditions and a torn sail and the crew just did an amazing job of dealing with those situations," he said.

"To beat a well-oiled machine like Alpha Romeo was a big ask but we have an equally good boat and equally as good crew."

A flotilla of boats caught their first glimpse of Wild Oats just after 6am, shadowed by two helicopters off the Iron Pot.

The mayhem grew as the super maxi powered down the Derwent River, with boats, a jetski and even a windsurfer dodging the yacht as it sailed under head sail towards the finish line.

Wild Oats' owner, NSW businessman Bob Oatley, said he "probably cried" as he watched his yacht win the 628 nautical mile race.

Its speed leaves it in contention for the treble: line honours, a record and an overall win.

Theoretically a number of 12 to 20 metre yachts are still in with a chance of winning on corrected time, but the task before them is becoming mountainous.

Wedgetail, the new Queensland 40-footer, has the best chance of disappointing Wild Oats XI. She has 11 hours to reduce her current estimated time of arrival by the 45 minutes she needs.

"We're very satisfied we've got the double. Really satisfied. And we're not greedy. But we'd ... love to get the triple," Oatley said.

The Giant yacht - one of five super maxis in this year's race - was almost fresh from the factory on Boxing Day.

Nevertheless, Oatley said the race was decided "at the starting line".

Wild Oats had contested only five or six short races, "but that gave us a lot of confidence in the boat," he said.

The winning crew was also well experienced, including international navigator Adrienne Cahalan and Richards, who is a world match racing champion.

All five super maxis arrived in Hobart.

Konica Minolta finished in two days, one hour, 26 minutes and 41 seconds, while AAPT arrived about 6pm in two days, four hours, 22 minutes and 11 seconds.

Only two of the race's 85 entrants have pulled out of the race.

German boat Conergy returned to Sydney with rudder and radio damage, while NSW's Sirromet Life Style Wine retired with rig damage.

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