Hemsworth and Pataky paid $7 million for the original property in 2014 but decided to tear down the existing eight bedroom Balinese-style mansion.
A development application for the build was lodged with Byron Shire Council in late 2016 and approved in March 2017.
In the application, Hemsworth and Pataky estimated the build would cost $8.8 million.
Construction began on their new property in 2017 and when fully completed will include six bedrooms, a steam room, media room, gym, games room and a 50-metre rooftop infinity pool.
Their property is located on 4.2 hectares of land in Broken Head, 12 kilometres from Byron Bay.
Hemsworth and Pataky married in 2010 after a whirlwind romance and decided to move from Los Angeles to Byron Bay with their three children in 2014 in a bid for a quieter life.
But the family now seem to have attracted more A-listers to the area, with Hemsworth's brother Liam and wife Miley Cyrus frequent visitors.
Close friend Matt Damon has also sparked speculation he is considering a move to the area after visiting the Hemsworth's in Byron Bay on multiple occasions.