New South Wales (NSW) Police said officers were alerted to the first incident shortly before midnight on Thursday local time (12:50 GMT) by the Australian Maritime Safety Authority in the nation’s capital, Canberra.
Just over two hours later, at 02:15 on Friday, NSW Police were told that crew on board the second boat were performing CPR on a second person, which also failed.
Flying Fish Arctos was sailing approximately 30 nautical miles east/southeast of Ulladulla in NSW, according to organizers.
Meanwhile, Bowline was located approximately 30 nautical miles east/northeast of the town of Batemans Bay, also in NSW.
“Our thoughts are with the crews, family and friends of the victims,” the organizers said in a statement.
The race that started on Thursday continued.
This is not the first fatality during the race, which was first held in 1945.
Six people, including British Olympic yachtsman Glynn Charles, died in 1998 after a violent storm hit competitors.