Port Kembla's International Billycart Derby has been credited with revitalising the former industrial suburb's reputation.
Race organiser and Red Point Artists Association president Dulcie Dal Molin said the race had returned life to the suburb where she was born and bred.
"Since the first revived race in 2012, Wentworth Street now has boutique wedding shops and an arts precinct," she said.
This year's race is scheduled for November 15.
Billycart races in Port Kembla started with the 1941 Spitfire run, a soapbox car race down the steep hill on Wentworth Street.
The race took a hiatus in the 1980s but was revived in 2012. It now attracts competitors from around Australia.
In a nod to tradition, there is the soapbox car event, children's divisions, adults, super carts and, for the brave, the street luge.
Race director Bob Johnston admitted that an event sending participants hurtling down a hill in homemade wooden carts required strenuous safety checks.
"No stone has been left unturned," he said.
Mr Johnston said it was old-fashioned fun that made him volunteer his time.
"It's a free family fun day where kids can be kids instead of sitting inside on video games," he said. "Who could put a price on the smile on a kid's face?"