But last year's NZ Open champion has a long list of contenders close behind heading into the final round, including Kazuma Kobori, the highest-ranked Kiwi in the field.
Reaffirming his belief his game is in great shape, Peake carded a five-under-par 67 on Saturday to claim a two-shot lead at Royal Auckland and Grange Golf Club, at 13 under overall.
His closest challengers are fellow Australian James Marchesani, who posted a 66, and Kobori, whose late rush lifted him to a 67.
A large group of 10 players are 10 under, including two host club members - 17-year-old amateur Ryan Xie, who matched the course record with a 64 on Saturday, and the more experienced Nick Voke (70).
The pack tied for fourth, three shots back, also includes the leading Japan Golf Tour player Aguri Iwasaki (68) and one of the co-leaders after 36 holes, Jay Mackenzie (71).
But Peake is the player to beat after the 32-year-old snared the solo lead with six birdies without a bogey in his first 14 holes.
He was four in front before making bogeys on two of his last four holes.
"To be honest, out of the three days that we've played, that's the worst I've actually played," said the one-time bikie who served prison time for assault before turning his life around and resurrecting his career.
"I just felt I was under the pump all day.
"I'm still stinging a little bit from that finish. I just hit a few poor shots coming home there."
As many as seven shots behind at one point, Kobori turned an ordinary day into a good one by racing up the leaderboard with four straight birdies to close out his third round.
"Decided to hit some golf shots coming in, which was a good decision," he said.
Trying to add to the NZ PGA Championship he won as an amateur in 2019, Kobori revealed he wouldn't decide on his final-round strategy until he saw the course conditions on Sunday.
"If it's soft like it is today, I can probably chase a bit harder," he said.
"But if it's firm, there's a massive demand on hitting fairways and greens and then letting the course ask you the questions."
The sub-plot for the final round is the chase for the No.1 position on the Challenger PGA Tour of Australasia Order of Merit, which offers major benefits.
A number of the key contenders for the tournament title also have chances to jump to the top of the standings with two events remaining.
