Golf's new fan-favourite produced a brilliant sand-save birdie at the 18th to send spectators into a frenzy and Lee back to the top of the leaderboard after Saturday's third round.

Lee's roller-coaster one-under-par 70 was in stark contrast to his dazzling 64, iced with a tap-in eagle at the 18th, on Friday.

But it was enough to move him to 13 under and a share of the lead with Japan's in-form Rikuya Hoshino.

The co-leaders hold a one-shot buffer over Englishman Alex Fitzpatrick (66) and American Patrick Rodgers (68), with Victorian Lucas Herbert just two strokes off the pace in outright fifth after a moving-day 66.

If he wins again to hoist the Stonehaven Cup, the 25-year-old West Australian would join legends including Greg Norman (1985), Peter Thomson (1967) and Kel Nagle (1959) and become only the seventh player to pull off the Australian Open-PGA double in the same season.

Greg Chalmers (2011), Robert Allenby (2005) and Peter Lonard (2004) have also achieved the rare feat.

"If I win, I win and last week was last week," Lee shrugged.

"I played great then, so hopefully I can finish it off tomorrow. I know there's a lot of history to it, but it's just another tournament.

"If it goes well, it goes well."

Lee remains the favourite to claim the coveted trophy after overcoming some early wobbles and keeping it together without his A-game.

The 25-year-old dunked a ball in the water en route to a nasty double-bogey six on the par-4 3rd hole.

Min Woo Lee was treading water for much of the back nine before reclaiming a share of the lead on the 18th hole. PHOTO: Getty Images.

The blemish opened the door for his pursuers, only for Lee to post successive birdies on the 5th and 6th holes to regain control of the championship.

After an uncharacteristically duffed chip led to a bogey on the 10th hole, Lee’s round seemed to stall and after seven consecutive pars he found a spot at the top of the leaderboard with his 18th hole heroics.

“It was a bit of a grind. It wasn’t the easiest of rounds like the last five I’ve played,” Lee said. “But golf is golf.  I felt like I got a little unlucky with some lip-outs towards the end, but it is what it is.

“Again, I hit some decent shots and hit some poor ones, but yeah, it was nice to make an up and down from a pretty average lie in that bunker. Yeah, it was great to get the, I guess, momentum and hopefully I can bring it on to tomorrow.

Despite the long year of playing across the globe, Lee says ready to go for the final round.

“Obviously it is towards the end of the year and last round of the year is tomorrow, but it’s just another reason to give it my all before I take a break,” Lee said.

“I’m pretty happy with the game and I feel fine.  So yeah, hopefully tomorrow’s good.”

After finishing runner-up to Lee at Royal Queensland last Sunday, Hoshino continued his own hot summer run to wrestle the clubhouse lead with a steely 65.

The chilled-out Japanese was bogey-free and steadily climbed the leaderboard with four birdies and an eagle on the par-5 14th hole.

"Last week I couldn't make the birdie on the back nine, but this week I have more birdies at the back nine to make the winning (possible)," Hoshino said.

"This is the first time in Australia for me and I'm enjoying this atmosphere and also this tournament. That's why I'm playing well."

Rikuya Hoshino escapes a bunker en route to shooting 65 and claiming a share of the 54-hole lead. PHOTO: Getty Images.

Lee isn't the only home hope in serious contention.

US PGA Tour star Herbert was delighted after rising to fifth after shooting a five under 66 which moved him to 11 under, just two strokes from the lead.

“At the start of the day I’m probably thinking Min Woo’s going to get to 15 or 16-under, just the way he’s playing, so I thought at 12, I’m somewhere near it, if I get hot tomorrow and he doesn’t play too well, I’m a chance,” Herbert said.

“Just had to grind out those pars early on and make those par savers from 4 or 5 feet to keep myself in it, which I did nicely.

“I didn’t put too much pressure on myself, just felt like I just kept going when I got momentum, I just kept knocking putts in when I needed to.”

A group of six players including two-time Australian Open Champion Matt Jones (68), West Australian Jason Scrivener (69), New South Welshman Sam Brazel (71) and Chile’s Joaquin Neimann are a further two strokes back on nine under.

Cameron Smith's chances of winning the Australian Open for a first time look slim, with the 2022 Open Champion back in a tie for 25th at six under, and seven shots behind, after a round of 69.

– Darren Walton

– Additional reporting by Brendan James