One of Australia’s biggest developers has started a landmark trial building homes in record time, with Mirvac eyeing the fast modular construction business but there’s a catch.

In Cobbitty, a boom suburb and construction corridor in southwest Sydney, a five-bedroom family home with modern interiors is standing out after being built in a factory.

WATCH THE VIDEO ABOVE: Mirvac trials factory-built homes in Sydney

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“When we saw all the development that was happening, we sort of just fell in love quite quickly,” new resident Marie Bartholomew said.

“We believe over the course of the next few years this will be the way in which homes are constructed,” Mirvac’s Stuart Penklis said.

Modules are being transported by the truckload, lifted by cranes and placed in formation, all in a day’s work.

“It looks like every other home that’s near here in terms of the design, in terms of the quality. But this one was put up in hours, not weeks,” NSW Planning Minister Paul Scully said.

The modules are transported by the truckload. Credit: 7NEWS

One property howver costs up to $650,000. Credit: 7NEWS

New legislation is set to fast track modular homes. Credit: 7NEWS

Another key advantage to this model is precision, with components cut to exact sizes in a controlled environment, reducing waste by around 60 per cent.

However, the biggest hurdle facing the modular construction method is cost. The Cobbity home is priced at around $650,000, about 10 per cent more than a traditional build.

“Over time, we think as there’s more demand for this type of construction, naturally you’ll see the costs come down in this segment of the market,” Penklis said.

The trial comes as new legislation introduced on Wednesday is set to cut red tape and fast track modular homes.

“Make it a much more seamless process to ensure that it’s on par, equal to the traditional ways we build homes,” NSW Building Minister Anoulack Chanthivong said.