HI Shaz,
Given that the Sydney to Hobart race is not until Boxing day (26th Dec) you have a while yet to go. Without seeing the type of fixation (pins and plates) put into your wrist and how the bone healing is going it's hard to give you a time frame on healing. generally for something like that 8-10 weeks should give you good bone healing and the muscular strength will come with physio exercises within your available range of movement. - let your physio know what you're going to need to be doing for the race and they should be able to do some solid strength testing and trial tasks before hand closer to the event when you are more able to weightbear and increase grip tasks through the wrist.
I would suggest that for the race you get a good neoprene (wetsuit material) brace with a rigid support (metal insert) to give you enough stability to do all the rigging and winching tasks you'll need to do over the gruelling race. (BTW my hat goes off to anyone who can tackle that race so good luck). Depending on where you are you can get them at good pharmacies, or on the internet from a physio supplies store.
So generally by the end of December I would expect pretty decent (but not perfect) range of movement with your wrist and probably not fabulous strength but enough to manage with a supportive brace. expect to be sore for a good few days after racing though.
Msk101