A man and woman are dead following an axe attack in Sydney's southwest.

Emergency services were called to a home on Huntley Place in Cartwright at 4.30pm this afternoon following a neighbourhood dispute which saw the street placed into lockdown.

Officers placed the street in lockdown shortly after arriving and negotiated for a short time with the alleged offender.

The officers located a woman and a man suffering serious stab wounds. The woman was taken to Liverpool Hospital in a critical condition, but police later confirmed she had died.

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A third man who was also injured is currently in police custody and assisting officers with the investigation.

Aerial footage of the street shows several emergency vehicles and police officers establishing a crime scene.