Fabian Coulthard was seventh, Shane can Gisbergen was eighth, with Andre Heimgartner 13th and Richie Stanaway 19th.
"I had a lot of fun and hopefully tomorrow the rain holds off and everyone can have a fair crack in the dry, but I doubt that will happen," said McLaughlin.
"I knew we could go a bit quicker after our second to last run, then I was just holding on.
"We're so quick across the top now, we're so committed and virtually just wheeling it".
McLaughlin who held the previous record after beating Greg Murphy's 'lap of the gods' two years ago. However, he set that on Saturday in front of a huge crowd. Thursday's new record time was set in front of only the diehard fans.
However, the Kiwi is not letting the great time get to his head.
"It's basically just a good start to the weekend. You've got a clean car, a clean start to the weekend, but I've learnt that it's Sunday that counts and we're just focused on that."
The great race gets underway at 11:30 am NZT on Sunday.